Healthpeak Properties (DOC) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-08895
Entity Registrant Name	Healthpeak Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0091377
Entity Address, Address Line One	4600 South Syracuse Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	720
Local Phone Number	428-5050
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	PEAK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		547,074,354
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate:
Buildings and improvements	$ 13,097,282	$ 12,784,078
Development costs and construction in progress	863,341	760,355
Land and improvements	2,657,602	2,667,188
Accumulated depreciation and amortization	(3,498,077)	(3,188,138)
Net real estate	13,120,148	13,023,483
Loans receivable, net of reserves of $8,023 and $8,280	225,881	374,832
Investments in and advances to unconsolidated joint ventures	745,381	706,677
Accounts receivable, net of allowance of $2,077 and $2,399	59,085	53,436
Cash and cash equivalents	63,478	72,032
Restricted cash	50,449	54,802
Intangible assets, net	339,191	418,061
Assets held for sale, net	8,277	49,866
Right-of-use asset, net	233,480	237,318
Other assets, net	757,164	780,722
Total assets	15,602,534	15,771,229
LIABILITIES AND EQUITY
Bank line of credit and commercial paper	424,000	995,606
Term loans	496,603	495,957
Senior unsecured notes	5,401,461	4,659,451
Mortgage debt	342,349	346,599
Intangible liabilities, net	133,668	156,193
Liabilities related to assets held for sale, net	39	4,070
Lease liability	204,762	208,515
Accounts payable, accrued liabilities, and other liabilities	687,650	772,485
Deferred revenue	879,174	844,076
Total liabilities	8,569,706	8,482,952
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	49,016	105,679
Common stock, $1.00 par value: 750,000,000 shares authorized; 547,072,311 and 546,641,973 shares issued and outstanding	547,072	546,642
Additional paid-in capital	10,401,994	10,349,614
Cumulative dividends in excess of earnings	(4,528,508)	(4,269,689)
Accumulated other comprehensive income (loss)	36,747	28,134
Total stockholders’ equity	6,457,305	6,654,701
Joint venture partners	313,402	327,721
Non-managing member unitholders	213,105	200,176
Total noncontrolling interests	526,507	527,897
Total equity	6,983,812	7,182,598
Total liabilities and equity	$ 15,602,534	$ 15,771,229

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Parenthetical Disclosures
Reserves for loans receivable	$ 8,023	$ 8,280
Allowance for accounts receivable	$ 2,077	$ 2,399
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	547,072,311	546,641,973
Common stock, shares outstanding (in shares)	547,072,311	546,641,973

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues [Abstract]
Rental and related revenues	$ 417,075	$ 392,301	$ 1,219,473	$ 1,149,530
Resident fees and services	133,808	122,142	391,076	369,062
Interest income	5,360	5,963	16,802	16,950
Income from direct financing leases	0	0	0	1,168
Total revenues	556,243	520,406	1,627,351	1,536,710
Costs and expenses:
Interest expense	50,510	44,078	147,547	123,531
Depreciation and amortization	184,559	173,190	561,357	531,412
Operating	232,734	220,208	677,659	642,499
General and administrative	23,093	24,549	73,576	73,161
Transaction costs	36	728	3,098	1,636
Impairments and loan loss reserves (recoveries), net	(550)	3,407	(156)	3,678
Total costs and expenses	490,382	466,160	1,463,081	1,375,917
Other income (expense):
Gain (loss) on sales of real estate, net	0	(4,149)	86,463	10,047
Other income (expense), net	1,481	305,678	4,208	326,855
Total other income (expense), net	1,481	301,529	90,671	336,902
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	67,342	355,775	254,941	497,695
Income tax benefit (expense)	(787)	3,834	(2,225)	3,775
Equity income (loss) from unconsolidated joint ventures	2,101	(325)	6,646	2,141
Income (loss) from continuing operations	68,656	359,284	259,362	503,611
Income (loss) from discontinued operations	0	(1,298)	0	2,011
Net income (loss)	68,656	357,986	259,362	505,622
Noncontrolling interests’ share in continuing operations	(4,442)	(4,016)	(24,297)	(11,701)
Net income (loss) attributable to Healthpeak Properties, Inc.	64,214	353,970	235,065	493,921
Participating securities’ share in earnings	(166)	(604)	(1,568)	(2,523)
Net income (loss) applicable to common shares	$ 64,048	$ 353,366	$ 233,497	$ 491,398
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.12	$ 0.66	$ 0.43	$ 0.91
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	0.12	0.66	0.43	0.91
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.12	0.65	0.43	0.91
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	$ 0.12	$ 0.65	$ 0.43	$ 0.91
Weighted average shares outstanding:
Basic (in shares)	547,062	538,417	546,978	539,105
Diluted (in shares)	547,331	546,015	547,247	544,852

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 68,656	$ 357,986	$ 259,362	$ 505,622
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	5,230	30,744	8,421	32,373
Change in Supplemental Executive Retirement Plan obligation and other	64	100	192	300
Total other comprehensive income (loss)	5,294	30,844	8,613	32,673
Total comprehensive income (loss)	73,950	388,830	267,975	538,295
Total comprehensive (income) loss attributable to noncontrolling interests’ share in continuing operations	(4,442)	(4,016)	(24,297)	(11,701)
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc.	$ 69,508	$ 384,814	$ 243,678	$ 526,594

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Noncontrolling Interests
Balance (in shares) at Dec. 31, 2021			539,097
Balance at Dec. 31, 2021	$ 7,058,760	$ 6,515,470	$ 539,097	$ 10,100,294	$ (4,120,774)	$ (3,147)	$ 543,290
Increase (Decrease) in Stockholders' Equity
Net income (loss)	505,584	493,921			493,921		11,663
Other comprehensive income (loss)	32,673	32,673				32,673
Issuance of common stock, net (in shares)			847
Issuance of common stock, net	1,031	1,031	$ 847	184
Repurchase of common stock (in shares)			(2,410)
Repurchase of common stock	(67,642)	(67,642)	$ (2,410)	(65,232)
Stock-based compensation	18,895	18,895		18,895
Common dividends	(487,953)	(487,953)			(487,953)
Distributions to noncontrolling interests	(23,148)						(23,148)
Adjustments to redemption value of redeemable noncontrolling interests	(39,434)	(39,434)		(39,434)
Balance (in shares) at Sep. 30, 2022			537,534
Balance at Sep. 30, 2022	6,998,766	6,466,961	$ 537,534	10,014,707	(4,114,806)	29,526	531,805
Beginning balance at Dec. 31, 2021	87,344
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	38
Distributions to noncontrolling interests	(127)
Contributions from noncontrolling interests	894
Adjustments to redemption value of redeemable noncontrolling interests	39,434
Ending balance at Sep. 30, 2022	127,583
Balance (in shares) at Jun. 30, 2022			539,580
Balance at Jun. 30, 2022	6,840,388	6,305,212	$ 539,580	10,073,712	(4,306,762)	(1,318)	535,176
Increase (Decrease) in Stockholders' Equity
Net income (loss)	357,973	353,970			353,970		4,003
Other comprehensive income (loss)	30,844	30,844				30,844
Issuance of common stock, net (in shares)			16
Issuance of common stock, net	375	375	$ 16	359
Repurchase of common stock (in shares)			(2,062)
Repurchase of common stock	(56,028)	(56,028)	$ (2,062)	(53,966)
Stock-based compensation	6,030	6,030		6,030
Common dividends	(162,014)	(162,014)			(162,014)
Distributions to noncontrolling interests	(7,374)						(7,374)
Adjustments to redemption value of redeemable noncontrolling interests	(11,428)	(11,428)		(11,428)
Balance (in shares) at Sep. 30, 2022			537,534
Balance at Sep. 30, 2022	6,998,766	6,466,961	$ 537,534	10,014,707	(4,114,806)	29,526	531,805
Beginning balance at Jun. 30, 2022	115,877
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	13
Distributions to noncontrolling interests	(42)
Contributions from noncontrolling interests	307
Adjustments to redemption value of redeemable noncontrolling interests	11,428
Ending balance at Sep. 30, 2022	127,583
Balance (in shares) at Dec. 31, 2022			546,642
Balance at Dec. 31, 2022	7,182,598	6,654,701	$ 546,642	10,349,614	(4,269,689)	28,134	527,897
Increase (Decrease) in Stockholders' Equity
Net income (loss)	258,889	235,065			235,065		23,824
Other comprehensive income (loss)	8,613	8,613				8,613
Issuance of common stock, net (in shares)			662
Issuance of common stock, net	685	685	$ 662	23
Conversion of DownREIT units to common stock (in shares)			7
Conversion of DownREIT units to common stock	0	223	$ 7	216			(223)
Repurchase of common stock (in shares)			(239)
Repurchase of common stock	(6,488)	(6,488)	$ (239)	(6,249)
Stock-based compensation	14,313	1,161		1,161			13,152
Common dividends	(493,884)	(493,884)			(493,884)
Distributions to noncontrolling interests	(38,316)						(38,316)
Contributions from noncontrolling interests	173						173
Adjustments to redemption value of redeemable noncontrolling interests	57,229	57,229		57,229
Balance (in shares) at Sep. 30, 2023			547,072
Balance at Sep. 30, 2023	6,983,812	6,457,305	$ 547,072	10,401,994	(4,528,508)	36,747	526,507
Beginning balance at Dec. 31, 2022	105,679
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	473
Distributions to noncontrolling interests	(199)
Contributions from noncontrolling interests	292
Adjustments to redemption value of redeemable noncontrolling interests	(57,229)
Ending balance at Sep. 30, 2023	49,016
Balance (in shares) at Jun. 30, 2023			547,053
Balance at Jun. 30, 2023	7,061,861	6,535,065	$ 547,053	10,384,982	(4,428,423)	31,453	526,796
Increase (Decrease) in Stockholders' Equity
Net income (loss)	68,496	64,214			64,214		4,282
Other comprehensive income (loss)	5,294	5,294				5,294
Issuance of common stock, net (in shares)			20
Issuance of common stock, net	328	328	$ 20	308
Repurchase of common stock (in shares)			(1)
Repurchase of common stock	(14)	(14)	$ (1)	(13)
Stock-based compensation	4,354	1,782		1,782			2,572
Common dividends	(164,299)	(164,299)			(164,299)
Distributions to noncontrolling interests	(7,316)						(7,316)
Contributions from noncontrolling interests	173						173
Adjustments to redemption value of redeemable noncontrolling interests	14,935	14,935		14,935
Balance (in shares) at Sep. 30, 2023			547,072
Balance at Sep. 30, 2023	6,983,812	$ 6,457,305	$ 547,072	$ 10,401,994	$ (4,528,508)	$ 36,747	$ 526,507
Beginning balance at Jun. 30, 2023	63,792
Increase (Decrease) in Redeemable Noncontrolling Interests
Net income (loss)	160
Distributions to noncontrolling interests	(73)
Contributions from noncontrolling interests	72
Adjustments to redemption value of redeemable noncontrolling interests	(14,935)
Ending balance at Sep. 30, 2023	$ 49,016

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 259,362	$ 505,622
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease, and other intangibles	561,357	531,412
Stock-based compensation amortization expense	10,966	14,635
Amortization of deferred financing costs	8,828	8,069
Straight-line rents	(12,710)	(36,837)
Amortization of nonrefundable entrance fees and above (below) market lease intangibles	(81,359)	(75,635)
Equity loss (income) from unconsolidated joint ventures	(6,646)	(2,205)
Distributions of earnings from unconsolidated joint ventures	633	708
Loss (gain) on sale of real estate under direct financing leases	0	(22,693)
Deferred income tax expense (benefit)	(1,243)	(5,199)
Impairments and loan loss reserves (recoveries), net	(156)	3,678
Loss (gain) on sales of real estate, net	(86,463)	(11,408)
Loss (gain) upon change of control, net	(234)	(311,438)
Casualty-related loss (recoveries), net	(759)	6,457
Other non-cash items	4,119	(1,029)
Changes in:
Decrease (increase) in accounts receivable and other assets, net	(9,041)	(2,751)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue	78,340	91,920
Net cash provided by (used in) operating activities	724,994	693,306
Cash flows from investing activities:
Acquisitions of real estate	(15,735)	(159,199)
Development, redevelopment, and other major improvements of real estate	(582,494)	(616,803)
Leasing costs, tenant improvements, and recurring capital expenditures	(66,264)	(75,103)
Proceeds from sales of real estate, net	141,743	47,797
Proceeds from the South San Francisco JVs transaction, net	0	125,985
Investments in unconsolidated joint ventures	(48,486)	(9,259)
Distributions in excess of earnings from unconsolidated joint ventures	14,980	8,746
Proceeds from insurance recovery	20,929	0
Proceeds from sales/principal repayments on loans receivable, direct financing leases, and marketable debt securities	184,299	105,040
Investments in loans receivable and other	(10,058)	(5,317)
Net cash provided by (used in) investing activities	(361,086)	(578,113)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	7,799,005	12,220,955
Repayments under bank line of credit and commercial paper	(8,370,611)	(11,801,597)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	743,778	0
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(3,928)	(3,759)
Payments for deferred financing costs	(7,322)	(4,171)
Issuance of common stock and exercise of options, net of offering costs	(262)	38
Repurchase of common stock	(6,488)	(67,642)
Dividends paid on common stock	(492,937)	(486,960)
Distributions to and purchase of noncontrolling interests	(38,515)	(23,275)
Contributions from and issuance of noncontrolling interests	465	894
Net cash provided by (used in) financing activities	(376,815)	(165,517)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(12,907)	(50,324)
Cash, cash equivalents, and restricted cash, beginning of period	126,834	219,448
Cash, cash equivalents, and restricted cash, end of period	$ 113,927	$ 169,124

Business

Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Overview Healthpeak Properties, Inc., a Standard & Poor’s 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) that, together with its consolidated entities (collectively, “Healthpeak” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). Healthpeak® acquires, develops, owns, leases, and manages healthcare real estate. The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) lab; (ii) outpatient medical; and (iii) continuing care retirement community (“CCRC”). The Company’s corporate headquarters are in Denver, Colorado, and it has additional offices in California, Tennessee, and Massachusetts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”), and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations, and cash flows have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC. Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the coronavirus pandemic. Grant income is recognized to the extent that qualifying expenses and lost revenues exceed grants received and the Company will comply with all conditions attached to the grant. As of September 30, 2023, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company believes it has complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts received are subject to recapture. The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Government grant income recorded in other income (expense), net $ — $ 4 $ 184 $ 6,765 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 183 229 831 Government grant income recorded in income (loss) from discontinued operations — 10 — 216 Total government grants received $ — $ 197 $ 413 $ 7,812 Discontinued Operations Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions In 2020, the Company concluded that the dispositions of its senior housing triple-net and Senior Housing Operating Property (“SHOP”) portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, the results of senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. See Note 4 for further information. Recent Accounting Pronouncements Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which increased the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for assistance, and the effect of the assistance on an entity’s financial statements. The adoption of ASU 2021-10 on January 1, 2022 did not have a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures. Reference Rate Reform. From March 2020 to December 2022, the FASB issued a series of ASUs that provide optional expedients that may be elected through December 31, 2024 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in these ASUs were effective immediately upon issuance. During the first quarter of 2023, the Company amended certain of its variable rate mortgage debt and the related interest rate swap agreements to change the interest rate benchmark from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) and accordingly, the Company elected to apply certain practical expedients provided by these ASUs related to cash flow hedges. These expedients and the effects of reference rate reform have not had a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate	Real Estate 2023 Real Estate Investment Acquisitions 60 Loomis Land Parcel In January 2023, the Company acquired a lab land parcel in Cambridge, Massachusetts for $9 million. Wylie Outpatient Medical Building In April 2023, the Company acquired the remaining 80% interest in one of the outpatient medical buildings in the Ventures IV unconsolidated joint venture for $4 million (see Note 7). Concurrent with the acquisition, the Company began consolidating the building and recognized a gain upon change of control of $0.2 million, which is recorded in other income (expense), net. 2022 Real Estate Investment Acquisitions 67 Smith Place In January 2022, the Company closed a lab acquisition in Cambridge, Massachusetts for $72 million. Vista Sorrento Phase II In January 2022, the Company closed a lab acquisition in San Diego, California for $24 million. Webster Outpatient Medical Portfolio In March 2022, the Company acquired a portfolio of two outpatient medical buildings in Houston, Texas for $43 million. Northwest Medical Plaza In May 2022, the Company acquired one outpatient medical building in Bentonville, Arkansas for $26 million. Concord Avenue Land Parcels In December 2022, the Company closed a lab acquisition in Cambridge, Massachusetts for $18 million. Development Activities The Company’s commitments, which are primarily related to development and redevelopment projects and Company-owned tenant improvements, decreased by $128 million to $124 million at September 30, 2023, when compared to December 31, 2022, primarily as a result of construction spend on and completion of existing projects in the first three quarters of 2023, thereby decreasing the remaining commitment.

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions of Real Estate and Discontinued Operations	Dispositions of Real Estate and Discontinued Operations 2023 Dispositions of Real Estate In January 2023, the Company sold two lab buildings in Durham, North Carolina, which were classified as held for sale as of December 31, 2022, for $113 million, resulting in total gain on sales of $60 million. Additionally, in March 2023, the Company sold two outpatient medical buildings for $32 million, resulting in total gain on sales of $21 million. 2022 Dispositions of Real Estate During the three months ended March 31, 2022, the Company sold one lab building in Salt Lake City, Utah for $14 million, resulting in a gain on sale of $4 million. During the three months ended June 30, 2022, the Company sold three outpatient medical buildings and one outpatient medical land parcel for $27 million, resulting in total gain on sales of $10 million. During the three months ended September 30, 2022, the Company sold two outpatient medical buildings for $9 million, resulting in total gain on sales of $1 million. Held for Sale and Discontinued Operations As of September 30, 2023, one outpatient medical building was classified as held for sale, with a carrying value of $8 million, primarily comprised of net real estate assets. As of September 30, 2023, liabilities related to the asset held for sale were de minimis. As of December 31, 2022, two lab buildings were classified as held for sale, with an aggregate carrying value of $50 million, primarily comprised of net real estate assets of $44 million. As of December 31, 2022, liabilities related to these assets held for sale were $4 million. These two lab buildings were sold in January 2023, as discussed above. In 2020, the Company concluded that the dispositions of its senior housing triple-net and SHOP portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, the results of senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. At each of September 30, 2023 and December 31, 2022, the total assets and total liabilities classified as discontinued operations were zero. The results of discontinued operations during the three and nine months ended September 30, 2023 and 2022 are presented below (in thousands) and are included in the consolidated results of operations for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues: Resident fees and services $ — $ 1,284 $ — $ 6,765 Total revenues — 1,284 — 6,765 Costs and expenses: Operating — 1,334 — 6,451 Total costs and expenses — 1,334 — 6,451 Other income (expense): Gain (loss) on sales of real estate, net — (1,131) — 1,361 Other income (expense), net — (7) — 12 Total other income (expense), net — (1,138) — 1,373 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures — (1,188) — 1,687 Income tax benefit (expense) — (110) — 260 Equity income (loss) from unconsolidated joint ventures — — — 64 Income (loss) from discontinued operations $ — $ (1,298) $ — $ 2,011 Impairments of Real Estate During the three and nine months ended September 30, 2023 and 2022, the Company did not recognize any impairment charges. Other Losses

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 317,106 $ 298,680 $ 923,285 $ 882,700 Variable income from operating leases 99,969 93,621 296,188 266,830 Interest income from direct financing leases — — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under a direct financing lease (“DFL”) for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net. Therefore, at September 30, 2023 and December 31, 2022, the Company had no leases classified as a DFL. Straight-Line Rents For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. Tenant Updates During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant is recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the second quarter of 2023, the U.S. Bankruptcy Court approved Sorrento’s rejection of the development lease, resulting in termination of the lease. The Company filed a proof of claim for related damages, $2 million of which was received by the Company by drawing on Sorrento’s letter of credit during the three months ended June 30, 2023. These cash proceeds of $2 million were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations for the nine months ended September 30, 2023. Given the nature of bankruptcy proceedings, the probability, timing, or amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claim is uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with this claim as of September 30, 2023. In October 2023, the Company amended its lease with Graphite Bio, Inc. (“Graphite Bio”) at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million. This cash payment is inclusive of termination and related fees and the prepayment of Graphite Bio's contractual rent through the amended term. The $37 million will be recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease.
Leases	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 317,106 $ 298,680 $ 923,285 $ 882,700 Variable income from operating leases 99,969 93,621 296,188 266,830 Interest income from direct financing leases — — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under a direct financing lease (“DFL”) for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net. Therefore, at September 30, 2023 and December 31, 2022, the Company had no leases classified as a DFL. Straight-Line Rents For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. Tenant Updates During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant is recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the second quarter of 2023, the U.S. Bankruptcy Court approved Sorrento’s rejection of the development lease, resulting in termination of the lease. The Company filed a proof of claim for related damages, $2 million of which was received by the Company by drawing on Sorrento’s letter of credit during the three months ended June 30, 2023. These cash proceeds of $2 million were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations for the nine months ended September 30, 2023. Given the nature of bankruptcy proceedings, the probability, timing, or amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claim is uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with this claim as of September 30, 2023. In October 2023, the Company amended its lease with Graphite Bio, Inc. (“Graphite Bio”) at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million. This cash payment is inclusive of termination and related fees and the prepayment of Graphite Bio's contractual rent through the amended term. The $37 million will be recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease.
Lessee	Leases Lease Income The following table summarizes the Company’s lease income (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 317,106 $ 298,680 $ 923,285 $ 882,700 Variable income from operating leases 99,969 93,621 296,188 266,830 Interest income from direct financing leases — — — 1,168 Direct Financing Leases 2022 Direct Financing Lease Sale During the first quarter of 2022, the Company sold its remaining hospital under a direct financing lease (“DFL”) for $68 million and recognized a gain on sale of $23 million, which is included in other income (expense), net. Therefore, at September 30, 2023 and December 31, 2022, the Company had no leases classified as a DFL. Straight-Line Rents For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectibility of future minimum lease payments is probable. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. The Company does not resume recognition of income on a straight-line basis unless it determines that collectibility of future payments related to these leases is probable. For the Company’s portfolio of operating leases that are deemed probable of collection but exhibit a certain level of collectibility risk, the Company may also recognize an incremental allowance as a reduction to revenue. Tenant Updates During the first quarter of 2023, the Company wrote off $9 million of straight-line rent receivable associated with four in-place operating leases with Sorrento Therapeutics, Inc. (“Sorrento”), which commenced voluntary reorganization proceedings (the “Filing”) under Chapter 11 of the U.S. Bankruptcy Code during the period. This write-off was recognized as a reduction in rental and related revenues on the Consolidated Statements of Operations. Subsequent to the write-off, revenue related to this tenant is recognized on a cash basis. Sorrento also had a single development lease with the Company, but had not taken occupancy at the time of the Filing. During the second quarter of 2023, the U.S. Bankruptcy Court approved Sorrento’s rejection of the development lease, resulting in termination of the lease. The Company filed a proof of claim for related damages, $2 million of which was received by the Company by drawing on Sorrento’s letter of credit during the three months ended June 30, 2023. These cash proceeds of $2 million were recognized as lease termination fee income, which is included in rental and related revenues on the Consolidated Statements of Operations for the nine months ended September 30, 2023. Given the nature of bankruptcy proceedings, the probability, timing, or amount of the additional proceeds, if any, that the Company may ultimately receive in connection with the claim is uncertain. Accordingly, the Company has not recorded any estimated recoveries associated with this claim as of September 30, 2023. In October 2023, the Company amended its lease with Graphite Bio, Inc. (“Graphite Bio”) at one of its lab buildings in South San Francisco, California. Under the terms of the amended lease agreement, Graphite Bio’s lease expiration date was accelerated from April 2033 to December 2024 in exchange for an upfront cash payment of $37 million. This cash payment is inclusive of termination and related fees and the prepayment of Graphite Bio's contractual rent through the amended term. The $37 million will be recognized as rental and related revenues on the Consolidated Statements of Operations on a straight-line basis through the amended term of the lease.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): September 30, December 31, Secured loans (1) $ 192,187 $ 350,837 CCRC resident loans 42,215 33,083 Unamortized discounts and fees (498) (808) Reserve for loan losses (8,023) (8,280) Loans receivable, net $ 225,881 $ 374,832 _______________________________________ (1) At September 30, 2023 and December 31, 2022, the Company had $36 million and $40 million, respectively, remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. Sunrise Senior Housing Portfolio Seller Financing In conjunction with the sale of 32 SHOP facilities for $664 million in January 2021, the Company provided the buyer with initial financing of $410 million. The remainder of the sales price was received in cash at the time of sale. Additionally, the Company agreed to provide up to $92 million of additional financing for capital expenditures (up to 65% of the estimated cost of capital expenditures). The initial and additional financing is secured by the buyer’s equity ownership in each property. In June 2023, the interest rate on this secured loan was converted from a variable rate based on LIBOR to a variable rate based on Term SOFR (plus a 10 basis point adjustment related to SOFR transition). In June 2021, February 2022, July 2022, and December 2022, the Company received principal repayments of $246 million, $8 million, $27 million, and $10 million, respectively, in conjunction with the disposition of the underlying collateral. In connection with these principal repayments , the additional financing available was reduced to $40 million, of which $4 million had been funded as of September 30, 2023. At September 30, 2023 and December 31, 2022, this secured loan had an outstanding principal balance of $124 million and $120 million, respectively. Other Seller Financing In conjunction with the sale of 16 additional SHOP facilities for $230 million in January 2021, the Company provided the buyer with financing of $150 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer’s equity ownership in each property. Upon maturity in January 2023, the borrower did not make the required principal repayment. In February 2023, the borrower made a partial principal repayment of $102 million and the remaining balance owed was refinanced with the Company. In connection with the refinance, the maturity date of the loan was extended to January 2024 and the interest rate on the loan was increased to a variable rate based on Term SOFR (plus an 11 basis point adjustment related to SOFR transition) plus 6.0% for the first six months of the extended term, increasing to 7.0% for the last six months of the extended term. The Company also received a $1 million extension fee in connection with the refinance, which is recognized in interest income over the remaining term of the loan. 2023 Other Loans Receivable Transactions In February 2023, the Company received full repayment of the outstanding balance of one $35 million secured loan. In April 2023, the Company received full repayment of the outstanding balance of one $14 million secured loan. In May 2023, the Company received full repayment of two outstanding secured loans with an aggregate balance of $12 million. Also in May 2023, the interest rate on one secured loan with an outstanding balance of $21 million was converted from a variable rate based on LIBOR to a variable rate based on Term SOFR (plus a 10 basis point adjustment related to SOFR transition). In October 2023, the Company received full repayment of the outstanding balance of this $21 million secured loan. 2022 Other Loans Receivable Transactions In May 2022, the Company received full repayment of the outstanding balance of a $2 million secured loan. In November 2022, the Company received full repayment of the outstanding balance of a $1 million mezzanine loan. In December 2022, the Company extended the maturity dates of four secured loans with an aggregate outstanding balance of $61 million, originally scheduled to mature in December 2022, by one year to December 2023. In connection with the extensions, the interest rates on the loans were increased to a variable rate based on Term SOFR (plus an 11 basis point adjustment related to SOFR transition) with a floor of 8.5% for the first six months of the extended term, increasing to a floor of 10.5% for the last six months of the extended term. All four of these secured loans were repaid during 2023 as discussed above. CCRC Resident Loans For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the resident’s previous home. At September 30, 2023 and December 31, 2022, the Company held $42 million and $33 million, respectively, of such notes receivable. Loans Receivable Internal Ratings In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of September 30, 2023 (in thousands): Investment Type Year of Origination Total 2023 2022 2021 (1) 2020 2019 Prior Secured loans Risk rating: Performing loans $ — $ — $ 167,736 $ 15,930 $ — $ — $ 183,666 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ — $ 167,736 $ 15,930 $ — $ — $ 183,666 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 38,701 $ 3,514 $ — $ — $ — $ — $ 42,215 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 38,701 $ 3,514 $ — $ — $ — $ — $ 42,215 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — _______________________________________ (1) Additional financing funded on the Sunrise Senior Housing Portfolio Seller Financing (as discussed above) is included in the year of origination of the initial financing. Reserve for Loan Losses The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The determination of loan losses also considers concentration of credit risk associated with the senior housing industry to which its loans receivable relate. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis, which the Company utilizes to calculate the debt service coverages used in its assessment of internal ratings, which is a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, NOI, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. In its assessment of current expected credit losses for loans receivable and unfunded loan commitments, the Company utilizes past payment history of its borrowers, current economic conditions, and forecasted economic conditions through the maturity date of each loan to estimate a probability of default and a resulting loss for each loan receivable. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The following table summarizes the Company’s reserve for loan losses (in thousands): September 30, 2023 December 31, 2022 Secured Loans Other (1) Total Secured Loans Other (1) Total Reserve for loan losses, beginning of period $ 8,280 $ — $ 8,280 $ 1,804 $ 9 $ 1,813 Provision for expected loan losses 2,539 — 2,539 6,527 7 6,534 Expected loan losses (recoveries) related to loans sold or repaid (2,796) — (2,796) (51) (16) (67) Reserve for loan losses, end of period $ 8,023 $ — $ 8,023 $ 8,280 $ — $ 8,280 _______________________________________ (1) Includes CCRC resident loans and other loan activity. Additionally, at September 30, 2023 and December 31, 2022, a liability of $0.9 million and $0.8 million, respectively, related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. The change in the reserve for expected loan losses during the nine months ended September 30, 2023 is primarily due to principal repayments on seller financing, increased interest rates on variable rate loans, and macroeconomic conditions.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount September 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2023 2022 South San Francisco JVs (3) Lab 7 70 $ 357,209 $ 309,969 SWF SH JV Other 19 54 333,980 345,978 Lab JV Lab 1 49 30,483 26,601 Needham Land Parcel JV (4) Lab — 38 15,733 15,391 Outpatient Medical JVs (5) Outpatient medical 2 20 - 67 7,976 8,738 $ 745,381 $ 706,677 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property counts and ownership percentages are as of September 30, 2023. (3) Includes seven unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. See “South San Francisco JVs” below for further information. (4) Land held for development is excluded from the property count as of September 30, 2023. (5) Includes two unconsolidated outpatient medical joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). As of December 31, 2022, these joint ventures held a total of three properties. In April 2023, the Company acquired the remaining 80% interest in one of the two properties in the Ventures IV unconsolidated joint venture for $4 million (see Note 3). These joint ventures have been aggregated herein due to similarity of the investments and operations. South San Francisco JVs On August 1, 2022, the Company sold a 30% interest in seven lab buildings in South San Francisco, California to a sovereign wealth fund (“SWF Partner”) for cash of $126 million. Following this transaction, the Company and the SWF Partner share in key decisions of the assets through their voting rights, resulting in the Company deconsolidating the assets, recognizing its retained 70% investment in the South San Francisco joint ventures (the “South San Francisco JVs”) at fair value, and accounting for its investment using the equity method. The fair values of the Company’s retained investment were based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy. During the three months ended September 30, 2022, the Company recognized a gain upon change of control of $311 million, which is recorded in other income (expense), net. The Company is entitled to a preferred return, a promote, and certain fees in exchange for development and asset management services provided to the South San Francisco JVs when certain conditions are met.

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2023
Intangibles [Abstract]
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets September 30, December 31, 2022 (1) Gross intangible lease assets $ 755,903 $ 770,285 Accumulated depreciation and amortization (416,712) (352,224) Intangible assets, net $ 339,191 $ 418,061 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale of $2 million. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 230,896 $ 237,464 Accumulated depreciation and amortization (97,228) (81,271) Intangible liabilities, net $ 133,668 $ 156,193 Weighted average remaining amortization period in years 7 7 During the nine months ended September 30, 2023, in conjunction with the Company’s acquisition of real estate, the Company acquired $0.5 million of intangible assets with a weighted average amortization period at acquisition of 5 years. During the year ended December 31, 2022, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $7 million and intangible liabilities of $6 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 7 years and 11 years, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Subsequent to the Reorganization, Healthpeak OP, the Company’s consolidated operating subsidiary, is the borrower under, and the Company is the guarantor of, all of the unsecured debt discussed below, which includes the Revolving Facility, Term Loan Facilities, Commercial Paper Program (each as defined below), and senior unsecured notes. The Company’s guarantee of the senior unsecured notes is full and unconditional and applicable to existing and future senior unsecured notes. Bank Line of Credit and Term Loans On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility, with a maturity date of May 23, 2023 and two six-month extension options, subject to certain customary conditions. In September 2021, the Company executed an amended and restated unsecured revolving line of credit (the “Revolving Facility”) to increase total revolving commitments from $2.5 billion to $3.0 billion and extend the maturity date to January 20, 2026. This maturity date may be further extended pursuant to two six-month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at the applicable interest rate benchmark plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. On February 10, 2023, the Company executed an amendment to the Revolving Facility to convert the interest rate benchmark from LIBOR to SOFR. The Company also pays a facility fee on the entire revolving commitment that depends on its credit ratings. Additionally, the Revolving Facility includes a sustainability-linked pricing component whereby the applicable margin may be reduced by up to 0.025% based on the Company’s achievement of specified sustainability-linked metrics, subject to certain conditions. Based on the Company’s credit ratings at September 30, 2023, and inclusive of achievement of a sustainability-linked metric, the margin on the Revolving Facility was 0.85% and the facility fee was 0.15%. The Revolving Facility includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. At each of September 30, 2023 and December 31, 2022, the Company had no balance outstanding under the Revolving Facility. On August 22, 2022, the Company executed a term loan agreement (the “Term Loan Agreement”) that provided for two senior unsecured delayed draw term loans in an aggregate principal amount of up to $500 million (the “Term Loan Facilities”). The Term Loan Facilities were available to be drawn from time to time during a 180-day period after closing, subject to customary borrowing conditions, and the Company drew the entirety of the $500 million under the Term Loan Facilities in October 2022. $250 million of the Term Loan Facilities has an initial stated maturity of 4.5 years, which may be extended for a one-year period subject to certain customary conditions. The other $250 million of the Term Loan Facilities has a stated maturity of 5 years with no option to extend. At each of September 30, 2023 and December 31, 2022, the Company had $500 million outstanding under the Term Loan Facilities. Loans outstanding under the Term Loan Facilities accrue interest at Term SOFR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The Term Loan Agreement also includes a sustainability-linked pricing component whereby the applicable margin under the Term Loan Facilities may be reduced by 0.01% based on the Company’s achievement of specified sustainability-linked metrics. Based on the Company’s credit ratings as of September 30, 2023, and inclusive of achievement of a sustainability-linked metric, the margin on the Term Loan Facilities was 0.94%. The Term Loan Agreement includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to an additional $500 million, subject to securing additional commitments. In August 2022, the Company entered into two forward-starting interest rate swap instruments that are designated as cash flow hedges (see Note 17). The Term Loan Facilities associated with these interest rate swap instruments are reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instruments. Based on the Company’s credit ratings as of September 30, 2023, the Term Loan Facilities had a blended fixed effective interest rate of 3.76%, inclusive of the impact of these interest rate swap instruments and amortization of the related debt issuance costs. The Revolving Facility and Term Loan Facilities are subject to certain financial restrictions and other customary requirements, including financial covenants and cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the applicable agreement: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.7 billion. The Company believes it was in compliance with each of these covenants at September 30, 2023. Commercial Paper Program In September 2019, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, short-term unsecured notes with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. At each of September 30, 2023 and December 31, 2022, the maximum aggregate face or principal amount that can be outstanding at any one time was $2.0 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company uses its Revolving Facility as a liquidity backstop for the repayment of short-term unsecured notes issued under the Commercial Paper Program. At September 30, 2023, the Company had $424 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately 22 days and a weighted average interest rate of 5.62%. At December 31, 2022, the Company had $996 million of notes outstanding under the Commercial Paper Program, with original maturities of approximately two months and a weighted average interest rate of 4.90%. Senior Unsecured Notes At September 30, 2023 and December 31, 2022, the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.5 billion and $4.7 billion, respectively. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions, and other customary terms. The Company believes it was in compliance with these covenants at September 30, 2023. The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2023 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year January 17, 2023 $ 400,000 5.25 % 2032 May 10, 2023 (1) 350,000 5.25 % 2032 _______________________________________ (1) In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023. During the three and nine months ended September 30, 2023, there were no repurchases or redemptions of senior unsecured notes. During the year ended December 31, 2022, there were no issuances, repurchases, or redemptions of senior unsecured notes. Mortgage Debt At September 30, 2023 and December 31, 2022, the Company had $341 million and $345 million, respectively, in aggregate principal of mortgage debt outstanding, which was secured by 15 outpatient medical buildings and 3 CCRCs, with an aggregate carrying value of $770 million and $793 million, respectively. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically requires maintenance of the assets in good condition, includes conditions to obtain lender consent to enter into or terminate material leases, requires insurance on the assets, requires payment of real estate taxes, restricts transfer of the encumbered assets and repayment of the loan, and prohibits additional liens. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. During each of the three months ended September 30, 2023 and 2022, the Company made aggregate principal repayments of mortgage debt of $1 million. During each of the nine months ended September 30, 2023 and 2022, the Company made aggregate principal repayments of mortgage debt of $4 million. The Company has $142 million of mortgage debt secured by a portfolio of 13 outpatient medical buildings that matures in May 2026. In April 2022, the Company terminated its existing interest rate cap instruments associated with this variable rate mortgage debt and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026. In February 2023, the agreements associated with this variable rate mortgage debt were amended to change the interest rate benchmarks from LIBOR to SOFR, effective March 2023. Concurrently, the Company modified the related interest rate swap instruments to reflect the change in the interest rate benchmarks from LIBOR to SOFR (see Note 17). The variable rate mortgage debt associated with these interest rate swap instruments is reported as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2023 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line Commercial Paper (1) Term Loans Amount Interest Rate Amount Interest Rate Total 2023 $ — $ — $ — $ — — % $ 86,161 3.79 % $ 86,161 2024 — — — — — % 7,024 6.74 % 7,024 2025 — — — 800,000 3.92 % 3,209 3.82 % 803,209 2026 — 424,000 — 650,000 3.40 % 244,523 4.44 % 1,318,523 2027 — — 500,000 450,000 1.54 % 366 5.91 % 950,366 Thereafter — — — 3,550,000 3.92 % — — % 3,550,000 — 424,000 500,000 5,450,000 341,283 6,715,283 Premiums, (discounts), and debt issuance costs, net — — (3,397) (48,539) 1,066 (50,870) $ — $ 424,000 $ 496,603 $ 5,401,461 $ 342,349 $ 6,664,413 _______________________________________ (1) Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility. (2) Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 3.66% and a weighted average maturity of 6 years. (3) Effective interest rates on the mortgage debt range from 3.44% to 8.99% with a weighted average effective interest rate of 4.32% and a weighted average maturity of 2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of the Company’s business. The Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company’s policy is to expense legal costs as they are incurred. DownREITs and Other Partnerships In connection with the formation of certain limited liability companies (“DownREITs”), members may contribute appreciated real estate to a DownREIT in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Internal Revenue Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expirations terms that range through 2039 on a total of 29 properties. Additionally, the Company owns a 49% interest in the Lab JV (see Note 7). If the property in the joint venture is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture.

Equity and Redeemable Noncontro

Equity and Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Dividends On October 29, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on November 20, 2023 to stockholders of record as of the close of business on November 7, 2023. During each of the three months ended September 30, 2023 and 2022, the Company declared and paid common stock cash dividends of $0.30 per share. During each of the nine months ended September 30, 2023 and 2022, the Company declared and paid common stock cash dividends of $0.90 per share. At-The-Market Equity Offering Program In February 2023, in connection with the Reorganization, the Company terminated the previous at-the-market equity offering program (as amended from time to time, the “2020 ATM Program”) and established a new at-the-market equity offering program (the “2023 ATM Program” and, together with the 2020 ATM Program, the “ATM Programs”). The ATM Programs allow for the sale of shares of common stock having an aggregate gross sales price of up to $1.5 billion (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (each, an “ATM forward contract”). The use of ATM forward contracts allows the Company to lock in a share price on the sale of shares at the time the ATM forward contract becomes effective, but defer receiving the proceeds from the sale of shares until a later date. ATM forward contracts generally have a one At September 30, 2023, $1.5 billion of the Company’s common stock remained available for sale under the 2023 ATM Program. ATM Forward Contracts During the year ended December 31, 2021, the Company utilized the forward provisions under the 2020 ATM Program to allow for the sale of an aggregate of 9.1 million shares of its common stock at an initial weighted average net price of $35.25 per share, after commissions. The Company did not enter into any forward contracts under the 2020 ATM Program during the year ended December 31, 2022. In December 2022, the Company settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of $34.01 per share, after commissions, resulting in net proceeds of $308 million. During the three and nine months ended September 30, 2023, the Company did not utilize the forward provisions under the ATM Programs. ATM Direct Issuances During each of the three and nine months ended September 30, 2023 and September 30, 2022, there were no direct issuances of shares of common stock under the ATM Programs. Share Repurchase Program On August 1, 2022, the Company’s Board of Directors approved a share repurchase program under which the Company may acquire shares of its common stock in the open market up to an aggregate purchase price of $500 million (the “Share Repurchase Program”). Purchases of common stock under the Share Repurchase Program may be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors, including price, corporate and regulatory requirements, and other corporate liquidity requirements and priorities. The Share Repurchase Program expires in August 2024 and may be suspended or terminated at any time without prior notice. Under Maryland General Corporation Law, outstanding shares of common stock acquired by a corporation become authorized but unissued shares, which may be re-issued. In August 2022, the Company repurchased 2.1 million shares of its common stock at a weighted average price of $27.16 per share for a total of $56 million. During the three and nine months ended September 30, 2023, there were no repurchases under the Share Repurchase Program. Therefore, at September 30, 2023, $444 million of the Company’s common stock remained available for repurchase under the Share Repurchase Program. Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Unrealized gains (losses) on derivatives, net $ 38,566 $ 30,145 Supplemental Executive Retirement Plan minimum liability (1,819) (2,011) Total accumulated other comprehensive income (loss) $ 36,747 $ 28,134 The Company has a defined benefit pension plan, known as the Supplemental Executive Retirement Plan, with one plan participant, a former Chief Executive Officer (“CEO”) of the Company who departed in 2003. Changes to the Supplemental Executive Retirement Plan minimum liability are reflected in other comprehensive income (loss). Noncontrolling Interests Redeemable Noncontrolling Interests Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Certain of the Company’s noncontrolling interest holders have the ability to put their equity interests to the Company upon specified events or after the passage of a predetermined period of time. Each put option is payable in cash and subject to changes in redemption value in the event that the underlying property generates specified returns for the Company and meets certain promote thresholds pursuant to the respective agreements. Accordingly, the Company records redeemable noncontrolling interests outside of permanent equity and presents the redeemable noncontrolling interests at the greater of their carrying amount or redemption value at the end of each reporting period. As of September 30, 2023, two of the redeemable noncontrolling interests met the conditions for redemption, but were not yet exercised. The two remaining redeemable noncontrolling interests had not yet met the conditions for redemption as of September 30, 2023. The Company expects the redemption conditions for these two interests to be met in 2023 and 2024. One of the interests will become redeemable following the passage of a predetermined amount of time. The second interest will become redeemable at the earlier of a predetermined passage of time or stabilization of the underlying development property. The values of the redeemable noncontrolling interests are subject to change based on the assessment of redemption value at each redemption date. Healthpeak OP Immediately following the Reorganization, Healthpeak Properties, Inc. was the initial sole member and 100% owner of Healthpeak OP. Subsequent to the Reorganization, certain employees of the Company (“OP Unitholders”) were issued approximately 2 million noncontrolling, non-managing member units in Healthpeak OP (“OP Units”). When certain conditions are met, the OP Unitholders have the right to require redemption of part or all of their OP Units for cash or shares of the Company’s common stock, at the Company’s option as managing member of Healthpeak OP. The per unit redemption amount is equal to either one share of the Company’s common stock or cash equal to the fair value of a share of common stock at the time of redemption. The Company classifies the OP Units in permanent equity because it may elect, in its sole discretion, to issue shares of its common stock to OP Unitholders who choose to redeem their OP Units rather than using cash. None of the outstanding OP Units met the criteria for redemption as of September 30, 2023. DownREITs The non-managing member units of the Company’s DownREITs are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. At September 30, 2023, there were approximately 5 million DownREIT units (7 million shares of Healthpeak common stock are issuable upon conversion) outstanding in seven DownREIT LLCs, for all of which the Company acts as the managing member. At September 30, 2023, the carrying and market values of the 5 million DownREIT units were $200 million and $134 million, respectively. At December 31, 2022, the carrying and market values of the 5 million DownREIT units were $200 million and $183 million, respectively.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method, common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented. Certain restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share. Refer to Note 11 for a discussion of the sale of shares under and settlement of forward sales agreements during the periods presented. The Company considered the potential dilution resulting from forward agreements under its ATM Programs to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator - Basic Income (loss) from continuing operations $ 68,656 $ 359,284 $ 259,362 $ 503,611 Noncontrolling interests’ share in continuing operations (4,442) (4,016) (24,297) (11,701) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 64,214 355,268 235,065 491,910 Less: Participating securities’ share in continuing operations (166) (604) (1,568) (2,523) Income (loss) from continuing operations applicable to common shares 64,048 354,664 233,497 489,387 Income (loss) from discontinued operations — (1,298) — 2,011 Net income (loss) applicable to common shares $ 64,048 $ 353,366 $ 233,497 $ 491,398 Numerator - Dilutive Net income (loss) applicable to common shares $ 64,048 $ 353,366 $ 233,497 $ 491,398 Add: distributions on dilutive convertible units and other — 2,355 — 4,943 Dilutive net income (loss) available to common shares $ 64,048 $ 355,721 $ 233,497 $ 496,341 Denominator Basic weighted average shares outstanding 547,062 538,417 546,978 539,105 Dilutive potential common shares - equity awards (1) 269 281 269 255 Dilutive potential common shares - DownREIT conversions — 7,317 — 5,492 Diluted weighted average common shares 547,331 546,015 547,247 544,852 Basic earnings (loss) per common share Continuing operations $ 0.12 $ 0.66 $ 0.43 $ 0.91 Discontinued operations — 0.00 — 0.00 Net income (loss) applicable to common shares $ 0.12 $ 0.66 $ 0.43 $ 0.91 Diluted earnings (loss) per common share Continuing operations $ 0.12 $ 0.65 $ 0.43 $ 0.91 Discontinued operations — 0.00 — 0.00 Net income (loss) applicable to common shares $ 0.12 $ 0.65 $ 0.43 $ 0.91 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). For the three and nine months ended September 30, 2023, forward equity sales agreements had no dilutive impact as no shares were outstanding under ATM forward contracts during the period. For the three and nine months ended September 30, 2022, the 9.1 million shares under forward equity sales agreements that had not been settled during the periods then ended were anti-dilutive. For the three and nine months ended September 30, 2023, all 7 million shares issuable upon conversion of DownREIT units were not included because they were anti-dilutive. For the three and nine months ended September 30, 2022, 7 million and 5 million shares issuable upon conversion of DownREIT units, respectively, were dilutive and are presented as diluted potential common shares in the table above.

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company’s reportable segments, based on how its chief operating decision maker (“CODM”) evaluates the business and allocates resources, are as follows: (i) lab, (ii) outpatient medical, and (iii) CCRC. The Company has non-reportable segments that are comprised primarily of the Company’s interests in an unconsolidated JV that owns 19 senior housing assets (the “SWF SH JV”), loans receivable, and marketable debt securities. These non-reportable segments have been presented on an aggregate basis within the Notes to the Consolidated Financial Statements herein. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC, as updated by Note 2 herein. During the second quarter of 2023, the Company changed the name of its “life science” and “medical office” segments to “lab” and “outpatient medical,” respectively. The segment name changes did not result in any changes to the composition of the Company’s segments or information reviewed by its CODM, and therefore, had no impact on the Company’s historical results of segment operations. The Company evaluates performance based on property Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses; NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI are non-GAAP supplemental measures that are calculated as NOI and Adjusted NOI from consolidated properties, plus the Company’s share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period), less noncontrolling interests’ share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying the Company’s actual ownership percentage for the period). Management utilizes its share of NOI and Adjusted NOI in assessing its performance as the Company has various joint ventures that contribute to its performance. The Company does not control its unconsolidated joint ventures, and the Company’s share of amounts from unconsolidated joint ventures do not represent the Company’s legal claim to such items. The Company’s share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Management believes that Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, loans receivable, marketable debt securities, other assets, real estate assets held for sale, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the three months ended September 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 226,059 $ 191,016 $ 133,808 $ 5,360 $ — $ 556,243 Less: Interest income — — — (5,360) — (5,360) Healthpeak’s share of unconsolidated joint venture total revenues 2,425 746 — 20,572 — 23,743 Noncontrolling interests’ share of consolidated joint venture total revenues (154) (8,735) — — — (8,889) Operating expenses (60,268) (67,693) (104,773) — — (232,734) Healthpeak’s share of unconsolidated joint venture operating expenses (958) (301) — (15,439) — (16,698) Noncontrolling interests’ share of consolidated joint venture operating expenses 33 2,474 — — — 2,507 Adjustments to NOI (1) (9,842) (3,547) — (27) — (13,416) Adjusted NOI 157,295 113,960 29,035 5,106 — 305,396 Plus: Adjustments to NOI (1) 9,842 3,547 — 27 — 13,416 Interest income — — — 5,360 — 5,360 Interest expense — (1,947) (1,830) — (46,733) (50,510) Depreciation and amortization (78,646) (72,736) (33,177) — — (184,559) General and administrative — — — — (23,093) (23,093) Transaction costs (51) (23) 85 — (47) (36) Impairments and loan loss reserves, net — — — 550 — 550 Other income (expense), net (1) 78 254 (53) 1,203 1,481 Less: Healthpeak’s share of unconsolidated joint venture NOI (1,467) (445) — (5,133) — (7,045) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 121 6,261 — — — 6,382 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 87,093 48,695 (5,633) 5,857 (68,670) 67,342 Income tax benefit (expense) — — — — (787) (787) Equity income (loss) from unconsolidated joint ventures 1,244 211 — 646 — 2,101 Income (loss) from continuing operations 88,337 48,906 (5,633) 6,503 (69,457) 68,656 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 88,337 $ 48,906 $ (5,633) $ 6,503 $ (69,457) $ 68,656 ______________________________________________________________________________ (1) Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the three months ended September 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,795 $ 184,506 $ 122,142 $ 5,963 $ — $ 520,406 Government grant income (1) — — 4 — — 4 Less: Interest income — — — (5,963) — (5,963) Healthpeak’s share of unconsolidated joint venture total revenues 2,938 756 — 18,656 — 22,350 Healthpeak’s share of unconsolidated joint venture government grant income — — — 183 — 183 Noncontrolling interests’ share of consolidated joint venture total revenues (55) (8,968) — — — (9,023) Operating expenses (55,162) (64,782) (100,264) — — (220,208) Healthpeak’s share of unconsolidated joint venture operating expenses (777) (313) — (14,599) — (15,689) Noncontrolling interests’ share of consolidated joint venture operating expenses 21 2,558 — — — 2,579 Adjustments to NOI (2) (15,221) (4,079) — 76 — (19,224) Adjusted NOI 139,539 109,678 21,882 4,316 — 275,415 Plus: Adjustments to NOI (2) 15,221 4,079 — (76) — 19,224 Interest income — — — 5,963 — 5,963 Interest expense — (1,964) (1,887) — (40,227) (44,078) Depreciation and amortization (70,141) (70,917) (32,132) — — (173,190) General and administrative — — — — (24,549) (24,549) Transaction costs (40) (94) (594) — — (728) Impairments and loan loss reserves, net — — — (3,407) — (3,407) Gain (loss) on sales of real estate, net — 554 — (4,703) — (4,149) Other income (expense), net 311,912 154 (7,086) — 698 305,678 Less: Government grant income — — (4) — — (4) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,161) (443) — (4,240) — (6,844) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 34 6,410 — — — 6,444 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 394,364 47,457 (19,821) (2,147) (64,078) 355,775 Income tax benefit (expense) — — — — 3,834 3,834 Equity income (loss) from unconsolidated joint ventures (877) 206 — 346 — (325) Income (loss) from continuing operations 393,487 47,663 (19,821) (1,801) (60,244) 359,284 Income (loss) from discontinued operations — — — — (1,298) (1,298) Net income (loss) $ 393,487 $ 47,663 $ (19,821) $ (1,801) $ (61,542) $ 357,986 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 654,829 $ 564,644 $ 391,076 $ 16,802 $ — $ 1,627,351 Government grant income (1) — — 184 — — 184 Less: Interest income — — — (16,802) — (16,802) Healthpeak’s share of unconsolidated joint venture total revenues 6,519 2,245 — 61,179 — 69,943 Healthpeak’s share of unconsolidated joint venture government grant income — — — 229 — 229 Noncontrolling interests’ share of consolidated joint venture total revenues (449) (26,364) — — — (26,813) Operating expenses (172,666) (197,442) (307,551) — — (677,659) Healthpeak’s share of unconsolidated joint venture operating expenses (2,987) (895) — (45,062) — (48,944) Noncontrolling interests’ share of consolidated joint venture operating expenses 108 7,477 — — — 7,585 Adjustments to NOI (2) (25,618) (11,373) (679) (59) — (37,729) Adjusted NOI 459,736 338,292 83,030 16,287 — 897,345 Plus: Adjustments to NOI (2) 25,618 11,373 679 59 — 37,729 Interest income — — — 16,802 — 16,802 Interest expense — (5,791) (5,470) — (136,286) (147,547) Depreciation and amortization (247,463) (215,617) (98,277) — — (561,357) General and administrative — — — — (73,576) (73,576) Transaction costs (209) (171) (412) — (2,306) (3,098) Impairments and loan loss reserves, net — — — 156 — 156 Gain (loss) on sales of real estate, net 60,498 21,312 — 4,653 — 86,463 Other income (expense), net 1 517 260 (72) 3,502 4,208 Less: Government grant income — — (184) — — (184) Less: Healthpeak’s share of unconsolidated joint venture NOI (3,532) (1,350) — (16,346) — (21,228) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 341 18,887 — — — 19,228 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 294,990 167,452 (20,374) 21,539 (208,666) 254,941 Income tax benefit (expense) — — — — (2,225) (2,225) Equity income (loss) from unconsolidated joint ventures 3,155 585 — 2,906 — 6,646 Income (loss) from continuing operations 298,145 168,037 (20,374) 24,445 (210,891) 259,362 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 298,145 $ 168,037 $ (20,374) $ 24,445 $ (210,891) $ 259,362 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 609,620 $ 541,078 $ 369,062 $ 16,950 $ — $ 1,536,710 Government grant income (1) — — 6,765 — — 6,765 Less: Interest income — — — (16,950) — (16,950) Healthpeak’s share of unconsolidated joint venture total revenues 5,637 2,249 — 54,918 — 62,804 Healthpeak’s share of unconsolidated joint venture government grant income — — 334 497 — 831 Noncontrolling interests’ share of consolidated joint venture total revenues (174) (26,732) — — — (26,906) Operating expenses (152,796) (189,274) (300,429) — — (642,499) Healthpeak’s share of unconsolidated joint venture operating expenses (1,744) (912) — (42,804) — (45,460) Noncontrolling interests’ share of consolidated joint venture operating expenses 59 7,886 — — — 7,945 Adjustments to NOI (2) (50,977) (10,574) — 120 — (61,431) Adjusted NOI 409,625 323,721 75,732 12,731 — 821,809 Plus: Adjustments to NOI (2) 50,977 10,574 — (120) — 61,431 Interest income — — — 16,950 — 16,950 Interest expense — (4,931) (5,629) — (112,971) (123,531) Depreciation and amortization (227,952) (207,563) (95,897) — — (531,412) General and administrative — — — — (73,161) (73,161) Transaction costs (367) (168) (658) — (443) (1,636) Impairments and loan loss reserves, net — — — (3,678) — (3,678) Gain (loss) on sales of real estate, net 3,856 10,894 — (4,703) — 10,047 Other income (expense), net 311,932 12,354 55 (13) 2,527 326,855 Less: Government grant income — — (6,765) — — (6,765) Less: Healthpeak’s share of unconsolidated joint venture NOI (3,893) (1,337) (334) (12,611) — (18,175) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 115 18,846 — — — 18,961 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 544,293 162,390 (33,496) 8,556 (184,048) 497,695 Income tax benefit (expense) — — — — 3,775 3,775 Equity income (loss) from unconsolidated joint ventures 237 617 539 748 — 2,141 Income (loss) from continuing operations 544,530 163,007 (32,957) 9,304 (180,273) 503,611 Income (loss) from discontinued operations — — — — 2,011 2,011 Net income (loss) $ 544,530 $ 163,007 $ (32,957) $ 9,304 $ (178,262) $ 505,622 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. See Notes 3, 4, 5, 6, 7, and 15 for significant transactions impacting the Company’s segment assets during the periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2023 2022 Supplemental cash flow information: Interest paid, net of capitalized interest $ 151,753 $ 138,972 Income taxes paid (refunded) 1,258 (2,003) Capitalized interest 42,879 26,970 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 1,160 954 Accrued construction costs 116,931 160,937 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture 993 — Retained investment in connection with South San Francisco JVs transaction — 293,265 Operating, investing, and financing cash flows in the Consolidated Statements of Cash Flows are reported inclusive of both cash flows from continuing operations and cash flows from discontinued operations. The following table summarizes certain cash flow information related to discontinued operations (in thousands): Nine Months Ended September 30, 2023 2022 Leasing costs, tenant improvements, and recurring capital expenditures $ — $ 21 Development, redevelopment, and other major improvements of real estate — 18 Depreciation and amortization of real estate, in-place lease, and other intangibles — — The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 72,032 $ 158,287 $ — $ 7,707 $ 72,032 $ 165,994 Restricted cash 54,802 53,454 — — 54,802 53,454 Cash, cash equivalents, and restricted cash $ 126,834 $ 211,741 $ — $ 7,707 $ 126,834 $ 219,448 End of period: Cash and cash equivalents $ 63,478 $ 112,452 $ — $ 2,172 $ 63,478 $ 114,624 Restricted cash 50,449 54,500 — — 50,449 54,500 Cash, cash equivalents, and restricted cash $ 113,927 $ 166,952 $ — $ 2,172 $ 113,927 $ 169,124 Cash and Cash Equivalents The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of September 30, 2023 and December 31, 2022, the account balances at certain institutions exceeded the FDIC insurance coverage.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Operating Subsidiary Subsequent to the Reorganization, Healthpeak OP is the Company’s operating subsidiary and a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds a membership interest in Healthpeak OP, acts as the managing member of Healthpeak OP, and exercises full responsibility, discretion, and control over the day-to-day management of Healthpeak OP. Because the noncontrolling interests in Healthpeak OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights, the Company has determined that Healthpeak OP is a VIE. The Company, as managing member, has the power to direct the core activities of Healthpeak OP that most significantly affect Healthpeak OP’s performance, and through its interest in Healthpeak OP, has both the right to receive benefits from and the obligation to absorb losses of Healthpeak OP. Accordingly, the Company is the primary beneficiary of Healthpeak OP and consolidates Healthpeak OP. As the Company conducts its business and holds its assets and liabilities through Healthpeak OP, the total consolidated assets and liabilities, income (losses), and cash flows of Healthpeak OP represent substantially all of the total consolidated assets and liabilities, income (losses), and cash flows of the Company. Unconsolidated Variable Interest Entities At September 30, 2023, the Company had investments in two unconsolidated VIE joint ventures. At December 31, 2022, the Company had investments in: (i) two unconsolidated VIE joint ventures and (ii) marketable debt securities of one VIE. The Company determined it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures (the LLC Investment and Needham Land Parcel JV discussed below), it has no formal involvement in these VIEs beyond its investments. LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC (“LLC Investment”) that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner. The assets and liabilities of the entity primarily consist of three hospitals as well as senior housing real estate. Any assets generated by the entity may only be used to settle its contractual obligations (primarily capital expenditures and debt service payments). Needham Land Parcel JV. In December 2021, the Company acquired a 38% interest in a lab development joint venture in Needham, Massachusetts for $13 million. Current equity at risk is not sufficient to finance the joint venture’s activities. The assets and liabilities of the entity primarily consist of real estate and debt service obligations. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development costs and debt service payments). See Note 7 for additional descriptions of the nature, purpose, and operating activities of this unconsolidated VIE and interests therein. Debt Securities Investment. At December 31, 2022, the Company held $22 million of commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as Freddie Mac) through a special purpose entity that had been identified as a VIE because it was “thinly capitalized.” The CMBS issued by the VIE were backed by mortgage debt obligations on real estate assets. These securities were classified as held-to-maturity because the Company had the intent and ability to hold the securities until maturity. These securities matured on December 31, 2022, and the Company received the related proceeds in January 2023. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at September 30, 2023 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) LLC Investment Other assets, net $ 14,985 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 15,733 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments. As of September 30, 2023, the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including under circumstances in which it could be exposed to further losses (e.g., cash shortfalls). Consolidated Variable Interest Entities The Company’s consolidated total assets and total liabilities at September 30, 2023 and December 31, 2022 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to the Company. Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a joint venture entity formed in October 2015 that owns and leases outpatient medical buildings (“Ventures V”). The Company classifies Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of Ventures V or kick-out rights over the managing member. The Company consolidates Ventures V as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by Ventures V may only be used to settle its contractual obligations. Lab JVs. The Company holds a 98% or greater ownership interest in multiple joint venture entities that own and lease lab buildings (the “Lab JVs”). The Lab JVs are VIEs as the members share in certain decisions of the entities, but substantially all of the activities are performed on behalf of the Company. The Company consolidates the Lab JVs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Lab JVs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of capital expenditures for the properties. Assets generated by the Lab JVs may only be used to settle their contractual obligations. Refer to Note 11 for a discussion of certain put options associated with the Lab JVs. MSREI JV. The Company holds a 51% ownership interest in, and is the managing member of, a joint venture entity formed in August 2018 that owns and leases outpatient medical buildings (the “MSREI JV”). The MSREI JV is a VIE due to the non-managing member lacking substantive participation rights in the management of the joint venture or kick-out rights over the managing member. The Company consolidates the MSREI JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the MSREI JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the MSREI JV may only be used to settle its contractual obligations. DownREITs . The Company holds a controlling ownership interest in and is the managing member of seven DownREITs. The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships. The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). The Company classifies the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 2,381,624 $ 2,356,905 Development costs and construction in progress 43,123 58,499 Land and improvements 310,343 324,714 Accumulated depreciation and amortization (647,415) (623,244) Net real estate 2,087,675 2,116,874 Accounts receivable, net 5,669 6,893 Cash and cash equivalents 21,405 20,586 Restricted cash 550 354 Intangible assets, net 61,084 73,860 Assets held for sale, net — 30,355 Right-of-use asset, net 98,012 99,376 Other assets, net 78,560 73,690 Total assets $ 2,352,955 $ 2,421,988 Liabilities Mortgage debt $ 144,804 $ 144,604 Intangible liabilities, net 12,673 15,066 Liabilities related to assets held for sale, net — 401 Lease liability 99,551 99,039 Accounts payable, accrued liabilities, and other liabilities 60,693 68,979 Deferred revenue 48,417 39,661 Total liabilities $ 366,138 $ 367,750 Total assets and total liabilities related to assets held for sale include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ — $ 39,934 Land and improvements — 1,926 Accumulated depreciation and amortization — (15,612) Net real estate — 26,248 Intangible assets, net — 215 Other assets, net — 3,892 Total assets $ — $ 30,355 Liabilities Deferred revenue $ — $ 401 Total liabilities $ — $ 401

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands): September 30, 2023 (3) December 31, 2022 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 225,881 $ 226,379 $ 374,832 $ 369,425 Marketable debt securities (2) — — 21,702 21,702 Interest rate swap instruments (2) 38,680 38,680 30,259 30,259 Bank line of credit and commercial paper (2) 424,000 424,000 995,606 995,606 Term loans (2) 496,603 496,603 495,957 495,957 Senior unsecured notes (1) 5,401,461 4,882,158 4,659,451 4,238,124 Mortgage debt (2) 342,349 317,221 346,599 330,867 _______________________________________ (1) Level 1: Fair value is calculated based on quoted prices in active markets. (2) Level 2: Fair value is based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, interest rate swap instruments, and mortgage debt, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the nine months ended September 30, 2023 and year ended December 31, 2022, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates and their related potential impact on future earnings and cash flows. The Company does not use derivative instruments for speculative or trading purposes. At September 30, 2023, a one percentage point increase or decrease in the underlying interest rate curve would result in a corresponding increase or decrease in the fair value of the derivative instruments by up to approximately $19 million. In April 2021, the Company executed two interest rate cap instruments on $142 million of variable rate mortgage debt secured by a portfolio of outpatient medical buildings (see Note 9). During the three and nine months ended September 30, 2022, the Company recognized a zero and $2 million increase, respectively, in the fair value of the interest rate cap instruments within other income (expense), net. In April 2022, the Company terminated these interest rate cap instruments and entered into two interest rate swap instruments that are designated as cash flow hedges and mature in May 2026. In February 2023, the Company modified these two interest rate swap instruments to reflect the change in the related variable rate mortgage debt’s interest rate benchmarks from LIBOR to SOFR (see Note 9). The Company applied certain practical expedients provided by the reference rate reform ASUs in connection with the modifications to these cash flow hedges (see Note 2). In August 2022, the Company entered into two forward-starting interest rate swap instruments on the $500 million aggregate principal amount of the Term Loan Facilities (see Note 9). The interest rate swap instruments are designated as cash flow hedges. The following table summarizes the Company’s interest rate swap instruments (in thousands): Fair Value (2) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate (1) Receive Rate (1) September 30, December 31, April 2022 (3) May 2026 Cash flow $ 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% $ 2,706 $ 2,300 April 2022 (3) May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 4,819 4,096 August 2022 (3) February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 14,651 11,299 August 2022 (3) August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 16,504 12,564 _____________________________ (1) Pay rates and receive rates are as of September 30, 2023. As of December 31, 2022, the interest rate swap instrument with a $51 million notional amount had a pay rate of 5.08% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.50%. As of December 31, 2022, the interest rate swap instrument with a $91 million notional amount had a pay rate of 4.63% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.05%. (2) At each of September 30, 2023 and December 31, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded at fair value in other assets, net on the Consolidated Balance Sheets.

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities, and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities	Accounts Payable, Accrued Liabilities, and Other Liabilities The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities (in thousands): September 30, December 31, Refundable entrance fees $ 254,986 $ 268,972 Accrued construction costs 116,931 178,626 Accrued interest 46,256 59,291 Other accounts payable and accrued liabilities (1) 269,477 265,596 Accounts payable, accrued liabilities, and other liabilities $ 687,650 $ 772,485 _______________________________________ (1) As of September 30, 2023 and December 31, 2022, includes $9 million and $15 million, respectively, of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2023
Revenues [Abstract]
Deferred Revenue	Deferred Revenue The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands): September 30, December 31, Nonrefundable entrance fees (1) $ 553,114 $ 518,573 Other deferred revenue (2) 326,060 325,503 Deferred revenue $ 879,174 $ 844,076 _______________________________________ (1) During the three and nine months ended September 30, 2023, the Company collected nonrefundable entrance fees of $36 million and $96 million, respectively, and recognized amortization of $21 million and $61 million, respectively. During the three and nine months ended September 30, 2022, the Company collected nonrefundable entrance fees of $24 million and $74 million, respectively, and recognized amortization of $20 million and $58 million, respectively. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations. (2) Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three and nine months ended September 30, 2023, the Company recognized amortization related to other deferred revenue of $19 million and $50 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized amortization related to other deferred revenue of $12 million and $32 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 29, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Alpine Sub, LLC, a wholly owned subsidiary of the Company, Alpine OP Sub, LLC, a wholly owned subsidiary of Healthpeak OP, Physicians Realty Trust (“Physicians Realty”), and Physicians Realty L.P. (the “Physicians Partnership”), pursuant to which, among other things, and through a series of transactions, (i) each outstanding common share of Physicians Realty (other than Physicians Realty common shares to be canceled in accordance with the Merger Agreement), will be converted into the right to receive 0.674 shares of Company common stock, and (ii) each outstanding common unit of the Physicians Partnership will be converted into common units in the successor entity to the Physicians Partnership equal to the same exchange ratio. Following the transactions contemplated in the Merger Agreement, the successor entities to Physicians Realty and the Physicians Partnership will be direct and indirect subsidiaries of Healthpeak OP, respectively. Consummation of the transactions contemplated by the Merger Agreement are subject to the satisfaction or waiver of customary closing conditions, including the approval of the stockholders of the Company and the shareholders of Physicians Realty.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 64,214	$ 353,970	$ 235,065	$ 493,921

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
Government Grant Income	Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the coronavirus pandemic. Grant income is recognized to the extent that qualifying expenses and lost revenues exceed grants received and the Company will comply with all conditions attached to the grant. As of September 30, 2023, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company believes it has complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts received are subject to recapture.
Discontinued Operations	Discontinued Operations Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions In 2020, the Company concluded that the dispositions of its senior housing triple-net and Senior Housing Operating Property (“SHOP”) portfolios represented a strategic shift that had a major effect on its operations and financial results. Therefore, the results of senior housing triple-net and SHOP assets are classified as discontinued operations in all periods presented herein. See Note 4 for further information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which increased the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for assistance, and the effect of the assistance on an entity’s financial statements. The adoption of ASU 2021-10 on January 1, 2022 did not have a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures. Reference Rate Reform. From March 2020 to December 2022, the FASB issued a series of ASUs that provide optional expedients that may be elected through December 31, 2024 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in these ASUs were effective immediately upon issuance. During the first quarter of 2023, the Company amended certain of its variable rate mortgage debt and the related interest rate swap agreements to change the interest rate benchmark from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) and accordingly, the Company elected to apply certain practical expedients provided by these ASUs related to cash flow hedges. These expedients and the effects of reference rate reform have not had a material impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of September 30, 2023 and December 31, 2022, the account balances at certain institutions exceeded the FDIC insurance coverage.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Government Grant Receivables, CARES Act	The following table summarizes information related to government grant income received and recognized by the Company (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Government grant income recorded in other income (expense), net $ — $ 4 $ 184 $ 6,765 Government grant income recorded in equity income (loss) from unconsolidated joint ventures — 183 229 831 Government grant income recorded in income (loss) from discontinued operations — 10 — 216 Total government grants received $ — $ 197 $ 413 $ 7,812

Dispositions of Real Estate a_2

Dispositions of Real Estate and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Results of Discontinued Operations	The results of discontinued operations during the three and nine months ended September 30, 2023 and 2022 are presented below (in thousands) and are included in the consolidated results of operations for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues: Resident fees and services $ — $ 1,284 $ — $ 6,765 Total revenues — 1,284 — 6,765 Costs and expenses: Operating — 1,334 — 6,451 Total costs and expenses — 1,334 — 6,451 Other income (expense): Gain (loss) on sales of real estate, net — (1,131) — 1,361 Other income (expense), net — (7) — 12 Total other income (expense), net — (1,138) — 1,373 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures — (1,188) — 1,687 Income tax benefit (expense) — (110) — 260 Equity income (loss) from unconsolidated joint ventures — — — 64 Income (loss) from discontinued operations $ — $ (1,298) $ — $ 2,011

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Fixed income from operating leases $ 317,106 $ 298,680 $ 923,285 $ 882,700 Variable income from operating leases 99,969 93,621 296,188 266,830 Interest income from direct financing leases — — — 1,168

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): September 30, December 31, Secured loans (1) $ 192,187 $ 350,837 CCRC resident loans 42,215 33,083 Unamortized discounts and fees (498) (808) Reserve for loan losses (8,023) (8,280) Loans receivable, net $ 225,881 $ 374,832 _______________________________________ (1) At September 30, 2023 and December 31, 2022, the Company had $36 million and $40 million, respectively, remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects.
Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination	The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of September 30, 2023 (in thousands): Investment Type Year of Origination Total 2023 2022 2021 (1) 2020 2019 Prior Secured loans Risk rating: Performing loans $ — $ — $ 167,736 $ 15,930 $ — $ — $ 183,666 Watch list loans — — — — — — — Workout loans — — — — — — — Total secured loans $ — $ — $ 167,736 $ 15,930 $ — $ — $ 183,666 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — CCRC resident loans Risk rating: Performing loans $ 38,701 $ 3,514 $ — $ — $ — $ — $ 42,215 Watch list loans — — — — — — — Workout loans — — — — — — — Total CCRC resident loans $ 38,701 $ 3,514 $ — $ — $ — $ — $ 42,215 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — Current period net write-offs $ — $ — $ — $ — $ — $ — $ — _______________________________________ (1) Additional financing funded on the Sunrise Senior Housing Portfolio Seller Financing (as discussed above) is included in the year of origination of the initial financing.
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the Company’s reserve for loan losses (in thousands): September 30, 2023 December 31, 2022 Secured Loans Other (1) Total Secured Loans Other (1) Total Reserve for loan losses, beginning of period $ 8,280 $ — $ 8,280 $ 1,804 $ 9 $ 1,813 Provision for expected loan losses 2,539 — 2,539 6,527 7 6,534 Expected loan losses (recoveries) related to loans sold or repaid (2,796) — (2,796) (51) (16) (67) Reserve for loan losses, end of period $ 8,023 $ — $ 8,023 $ 8,280 $ — $ 8,280 _______________________________________

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount September 30, December 31, Entity (1) Segment Property Count (2) Ownership % (2) 2023 2022 South San Francisco JVs (3) Lab 7 70 $ 357,209 $ 309,969 SWF SH JV Other 19 54 333,980 345,978 Lab JV Lab 1 49 30,483 26,601 Needham Land Parcel JV (4) Lab — 38 15,733 15,391 Outpatient Medical JVs (5) Outpatient medical 2 20 - 67 7,976 8,738 $ 745,381 $ 706,677 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Property counts and ownership percentages are as of September 30, 2023. (3) Includes seven unconsolidated lab joint ventures in South San Francisco, California in which the Company holds a 70% ownership percentage in each joint venture. These joint ventures have been aggregated herein due to similarity of the investments and operations. See “South San Francisco JVs” below for further information. (4) Land held for development is excluded from the property count as of September 30, 2023. (5) Includes two unconsolidated outpatient medical joint ventures in which the Company holds an ownership percentage as follows: (i) Ventures IV (20%) and (ii) Suburban Properties, LLC (67%). As of December 31, 2022, these joint ventures held a total of three properties. In April 2023, the Company acquired the remaining 80% interest in one of the two properties in the Ventures IV unconsolidated joint venture for $4 million (see Note 3). These joint ventures have been aggregated herein due to similarity of the investments and operations.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Intangibles [Abstract]
Schedule of Intangible Lease Assets	Intangible assets primarily consist of lease-up intangibles and above market lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): Intangible lease assets September 30, December 31, 2022 (1) Gross intangible lease assets $ 755,903 $ 770,285 Accumulated depreciation and amortization (416,712) (352,224) Intangible assets, net $ 339,191 $ 418,061 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale of $2 million.
Schedule of Intangible Lease Liabilities	Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 230,896 $ 237,464 Accumulated depreciation and amortization (97,228) (81,271) Intangible liabilities, net $ 133,668 $ 156,193 Weighted average remaining amortization period in years 7 7

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2023 (dollars in thousands): Issue Date Amount Coupon Rate Maturity Year January 17, 2023 $ 400,000 5.25 % 2032 May 10, 2023 (1) 350,000 5.25 % 2032 _______________________________________ (1) In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2023 (dollars in thousands): Senior Unsecured Notes (2) Mortgage Debt (3) Year Bank Line Commercial Paper (1) Term Loans Amount Interest Rate Amount Interest Rate Total 2023 $ — $ — $ — $ — — % $ 86,161 3.79 % $ 86,161 2024 — — — — — % 7,024 6.74 % 7,024 2025 — — — 800,000 3.92 % 3,209 3.82 % 803,209 2026 — 424,000 — 650,000 3.40 % 244,523 4.44 % 1,318,523 2027 — — 500,000 450,000 1.54 % 366 5.91 % 950,366 Thereafter — — — 3,550,000 3.92 % — — % 3,550,000 — 424,000 500,000 5,450,000 341,283 6,715,283 Premiums, (discounts), and debt issuance costs, net — — (3,397) (48,539) 1,066 (50,870) $ — $ 424,000 $ 496,603 $ 5,401,461 $ 342,349 $ 6,664,413 _______________________________________ (1) Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility. (2) Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 3.66% and a weighted average maturity of 6 years. (3) Effective interest rates on the mortgage debt range from 3.44% to 8.99% with a weighted average effective interest rate of 4.32% and a weighted average maturity of 2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Unrealized gains (losses) on derivatives, net $ 38,566 $ 30,145 Supplemental Executive Retirement Plan minimum liability (1,819) (2,011) Total accumulated other comprehensive income (loss) $ 36,747 $ 28,134

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Share	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator - Basic Income (loss) from continuing operations $ 68,656 $ 359,284 $ 259,362 $ 503,611 Noncontrolling interests’ share in continuing operations (4,442) (4,016) (24,297) (11,701) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 64,214 355,268 235,065 491,910 Less: Participating securities’ share in continuing operations (166) (604) (1,568) (2,523) Income (loss) from continuing operations applicable to common shares 64,048 354,664 233,497 489,387 Income (loss) from discontinued operations — (1,298) — 2,011 Net income (loss) applicable to common shares $ 64,048 $ 353,366 $ 233,497 $ 491,398 Numerator - Dilutive Net income (loss) applicable to common shares $ 64,048 $ 353,366 $ 233,497 $ 491,398 Add: distributions on dilutive convertible units and other — 2,355 — 4,943 Dilutive net income (loss) available to common shares $ 64,048 $ 355,721 $ 233,497 $ 496,341 Denominator Basic weighted average shares outstanding 547,062 538,417 546,978 539,105 Dilutive potential common shares - equity awards (1) 269 281 269 255 Dilutive potential common shares - DownREIT conversions — 7,317 — 5,492 Diluted weighted average common shares 547,331 546,015 547,247 544,852 Basic earnings (loss) per common share Continuing operations $ 0.12 $ 0.66 $ 0.43 $ 0.91 Discontinued operations — 0.00 — 0.00 Net income (loss) applicable to common shares $ 0.12 $ 0.66 $ 0.43 $ 0.91 Diluted earnings (loss) per common share Continuing operations $ 0.12 $ 0.65 $ 0.43 $ 0.91 Discontinued operations — 0.00 — 0.00 Net income (loss) applicable to common shares $ 0.12 $ 0.65 $ 0.43 $ 0.91 _______________________________________ (1) For all periods presented, represents the dilutive impact of 1 million

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended September 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 226,059 $ 191,016 $ 133,808 $ 5,360 $ — $ 556,243 Less: Interest income — — — (5,360) — (5,360) Healthpeak’s share of unconsolidated joint venture total revenues 2,425 746 — 20,572 — 23,743 Noncontrolling interests’ share of consolidated joint venture total revenues (154) (8,735) — — — (8,889) Operating expenses (60,268) (67,693) (104,773) — — (232,734) Healthpeak’s share of unconsolidated joint venture operating expenses (958) (301) — (15,439) — (16,698) Noncontrolling interests’ share of consolidated joint venture operating expenses 33 2,474 — — — 2,507 Adjustments to NOI (1) (9,842) (3,547) — (27) — (13,416) Adjusted NOI 157,295 113,960 29,035 5,106 — 305,396 Plus: Adjustments to NOI (1) 9,842 3,547 — 27 — 13,416 Interest income — — — 5,360 — 5,360 Interest expense — (1,947) (1,830) — (46,733) (50,510) Depreciation and amortization (78,646) (72,736) (33,177) — — (184,559) General and administrative — — — — (23,093) (23,093) Transaction costs (51) (23) 85 — (47) (36) Impairments and loan loss reserves, net — — — 550 — 550 Other income (expense), net (1) 78 254 (53) 1,203 1,481 Less: Healthpeak’s share of unconsolidated joint venture NOI (1,467) (445) — (5,133) — (7,045) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 121 6,261 — — — 6,382 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 87,093 48,695 (5,633) 5,857 (68,670) 67,342 Income tax benefit (expense) — — — — (787) (787) Equity income (loss) from unconsolidated joint ventures 1,244 211 — 646 — 2,101 Income (loss) from continuing operations 88,337 48,906 (5,633) 6,503 (69,457) 68,656 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 88,337 $ 48,906 $ (5,633) $ 6,503 $ (69,457) $ 68,656 ______________________________________________________________________________ (1) Represents straight-line rents, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the three months ended September 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 207,795 $ 184,506 $ 122,142 $ 5,963 $ — $ 520,406 Government grant income (1) — — 4 — — 4 Less: Interest income — — — (5,963) — (5,963) Healthpeak’s share of unconsolidated joint venture total revenues 2,938 756 — 18,656 — 22,350 Healthpeak’s share of unconsolidated joint venture government grant income — — — 183 — 183 Noncontrolling interests’ share of consolidated joint venture total revenues (55) (8,968) — — — (9,023) Operating expenses (55,162) (64,782) (100,264) — — (220,208) Healthpeak’s share of unconsolidated joint venture operating expenses (777) (313) — (14,599) — (15,689) Noncontrolling interests’ share of consolidated joint venture operating expenses 21 2,558 — — — 2,579 Adjustments to NOI (2) (15,221) (4,079) — 76 — (19,224) Adjusted NOI 139,539 109,678 21,882 4,316 — 275,415 Plus: Adjustments to NOI (2) 15,221 4,079 — (76) — 19,224 Interest income — — — 5,963 — 5,963 Interest expense — (1,964) (1,887) — (40,227) (44,078) Depreciation and amortization (70,141) (70,917) (32,132) — — (173,190) General and administrative — — — — (24,549) (24,549) Transaction costs (40) (94) (594) — — (728) Impairments and loan loss reserves, net — — — (3,407) — (3,407) Gain (loss) on sales of real estate, net — 554 — (4,703) — (4,149) Other income (expense), net 311,912 154 (7,086) — 698 305,678 Less: Government grant income — — (4) — — (4) Less: Healthpeak’s share of unconsolidated joint venture NOI (2,161) (443) — (4,240) — (6,844) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 34 6,410 — — — 6,444 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 394,364 47,457 (19,821) (2,147) (64,078) 355,775 Income tax benefit (expense) — — — — 3,834 3,834 Equity income (loss) from unconsolidated joint ventures (877) 206 — 346 — (325) Income (loss) from continuing operations 393,487 47,663 (19,821) (1,801) (60,244) 359,284 Income (loss) from discontinued operations — — — — (1,298) (1,298) Net income (loss) $ 393,487 $ 47,663 $ (19,821) $ (1,801) $ (61,542) $ 357,986 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2023: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 654,829 $ 564,644 $ 391,076 $ 16,802 $ — $ 1,627,351 Government grant income (1) — — 184 — — 184 Less: Interest income — — — (16,802) — (16,802) Healthpeak’s share of unconsolidated joint venture total revenues 6,519 2,245 — 61,179 — 69,943 Healthpeak’s share of unconsolidated joint venture government grant income — — — 229 — 229 Noncontrolling interests’ share of consolidated joint venture total revenues (449) (26,364) — — — (26,813) Operating expenses (172,666) (197,442) (307,551) — — (677,659) Healthpeak’s share of unconsolidated joint venture operating expenses (2,987) (895) — (45,062) — (48,944) Noncontrolling interests’ share of consolidated joint venture operating expenses 108 7,477 — — — 7,585 Adjustments to NOI (2) (25,618) (11,373) (679) (59) — (37,729) Adjusted NOI 459,736 338,292 83,030 16,287 — 897,345 Plus: Adjustments to NOI (2) 25,618 11,373 679 59 — 37,729 Interest income — — — 16,802 — 16,802 Interest expense — (5,791) (5,470) — (136,286) (147,547) Depreciation and amortization (247,463) (215,617) (98,277) — — (561,357) General and administrative — — — — (73,576) (73,576) Transaction costs (209) (171) (412) — (2,306) (3,098) Impairments and loan loss reserves, net — — — 156 — 156 Gain (loss) on sales of real estate, net 60,498 21,312 — 4,653 — 86,463 Other income (expense), net 1 517 260 (72) 3,502 4,208 Less: Government grant income — — (184) — — (184) Less: Healthpeak’s share of unconsolidated joint venture NOI (3,532) (1,350) — (16,346) — (21,228) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 341 18,887 — — — 19,228 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 294,990 167,452 (20,374) 21,539 (208,666) 254,941 Income tax benefit (expense) — — — — (2,225) (2,225) Equity income (loss) from unconsolidated joint ventures 3,155 585 — 2,906 — 6,646 Income (loss) from continuing operations 298,145 168,037 (20,374) 24,445 (210,891) 259,362 Income (loss) from discontinued operations — — — — — — Net income (loss) $ 298,145 $ 168,037 $ (20,374) $ 24,445 $ (210,891) $ 259,362 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the nine months ended September 30, 2022: Lab Outpatient Medical CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 609,620 $ 541,078 $ 369,062 $ 16,950 $ — $ 1,536,710 Government grant income (1) — — 6,765 — — 6,765 Less: Interest income — — — (16,950) — (16,950) Healthpeak’s share of unconsolidated joint venture total revenues 5,637 2,249 — 54,918 — 62,804 Healthpeak’s share of unconsolidated joint venture government grant income — — 334 497 — 831 Noncontrolling interests’ share of consolidated joint venture total revenues (174) (26,732) — — — (26,906) Operating expenses (152,796) (189,274) (300,429) — — (642,499) Healthpeak’s share of unconsolidated joint venture operating expenses (1,744) (912) — (42,804) — (45,460) Noncontrolling interests’ share of consolidated joint venture operating expenses 59 7,886 — — — 7,945 Adjustments to NOI (2) (50,977) (10,574) — 120 — (61,431) Adjusted NOI 409,625 323,721 75,732 12,731 — 821,809 Plus: Adjustments to NOI (2) 50,977 10,574 — (120) — 61,431 Interest income — — — 16,950 — 16,950 Interest expense — (4,931) (5,629) — (112,971) (123,531) Depreciation and amortization (227,952) (207,563) (95,897) — — (531,412) General and administrative — — — — (73,161) (73,161) Transaction costs (367) (168) (658) — (443) (1,636) Impairments and loan loss reserves, net — — — (3,678) — (3,678) Gain (loss) on sales of real estate, net 3,856 10,894 — (4,703) — 10,047 Other income (expense), net 311,932 12,354 55 (13) 2,527 326,855 Less: Government grant income — — (6,765) — — (6,765) Less: Healthpeak’s share of unconsolidated joint venture NOI (3,893) (1,337) (334) (12,611) — (18,175) Plus: Noncontrolling interests’ share of consolidated joint venture NOI 115 18,846 — — — 18,961 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 544,293 162,390 (33,496) 8,556 (184,048) 497,695 Income tax benefit (expense) — — — — 3,775 3,775 Equity income (loss) from unconsolidated joint ventures 237 617 539 748 — 2,141 Income (loss) from continuing operations 544,530 163,007 (32,957) 9,304 (180,273) 503,611 Income (loss) from discontinued operations — — — — 2,011 2,011 Net income (loss) $ 544,530 $ 163,007 $ (32,957) $ 9,304 $ (178,262) $ 505,622 ______________________________________________________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the Consolidated Statements of Operations (see Note 2). (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2023 2022 Supplemental cash flow information: Interest paid, net of capitalized interest $ 151,753 $ 138,972 Income taxes paid (refunded) 1,258 (2,003) Capitalized interest 42,879 26,970 Supplemental schedule of non-cash investing and financing activities: Increase in ROU asset in exchange for new lease liability related to operating leases 1,160 954 Accrued construction costs 116,931 160,937 Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture 993 — Retained investment in connection with South San Francisco JVs transaction — 293,265 Nine Months Ended September 30, 2023 2022 Leasing costs, tenant improvements, and recurring capital expenditures $ — $ 21 Development, redevelopment, and other major improvements of real estate — 18 Depreciation and amortization of real estate, in-place lease, and other intangibles — —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents, and restricted cash (in thousands): Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 Continuing operations Discontinued operations Total Beginning of period: Cash and cash equivalents $ 72,032 $ 158,287 $ — $ 7,707 $ 72,032 $ 165,994 Restricted cash 54,802 53,454 — — 54,802 53,454 Cash, cash equivalents, and restricted cash $ 126,834 $ 211,741 $ — $ 7,707 $ 126,834 $ 219,448 End of period: Cash and cash equivalents $ 63,478 $ 112,452 $ — $ 2,172 $ 63,478 $ 114,624 Restricted cash 50,449 54,500 — — 50,449 54,500 Cash, cash equivalents, and restricted cash $ 113,927 $ 166,952 $ — $ 2,172 $ 113,927 $ 169,124

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at September 30, 2023 was as follows (in thousands): VIE Type Asset Type Maximum Loss Exposure and Carrying Amount (1) LLC Investment Other assets, net $ 14,985 Needham Land Parcel JV Investments in and advances to unconsolidated joint ventures 15,733 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments.
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ 2,381,624 $ 2,356,905 Development costs and construction in progress 43,123 58,499 Land and improvements 310,343 324,714 Accumulated depreciation and amortization (647,415) (623,244) Net real estate 2,087,675 2,116,874 Accounts receivable, net 5,669 6,893 Cash and cash equivalents 21,405 20,586 Restricted cash 550 354 Intangible assets, net 61,084 73,860 Assets held for sale, net — 30,355 Right-of-use asset, net 98,012 99,376 Other assets, net 78,560 73,690 Total assets $ 2,352,955 $ 2,421,988 Liabilities Mortgage debt $ 144,804 $ 144,604 Intangible liabilities, net 12,673 15,066 Liabilities related to assets held for sale, net — 401 Lease liability 99,551 99,039 Accounts payable, accrued liabilities, and other liabilities 60,693 68,979 Deferred revenue 48,417 39,661 Total liabilities $ 366,138 $ 367,750 Total assets and total liabilities related to assets held for sale include VIE assets and liabilities, excluding those of Healthpeak OP, as follows (in thousands): September 30, December 31, Assets Buildings and improvements $ — $ 39,934 Land and improvements — 1,926 Accumulated depreciation and amortization — (15,612) Net real estate — 26,248 Intangible assets, net — 215 Other assets, net — 3,892 Total assets $ — $ 30,355 Liabilities Deferred revenue $ — $ 401 Total liabilities $ — $ 401

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis (in thousands): September 30, 2023 (3) December 31, 2022 (3) Carrying Fair Value Carrying Fair Value Loans receivable, net (2) $ 225,881 $ 226,379 $ 374,832 $ 369,425 Marketable debt securities (2) — — 21,702 21,702 Interest rate swap instruments (2) 38,680 38,680 30,259 30,259 Bank line of credit and commercial paper (2) 424,000 424,000 995,606 995,606 Term loans (2) 496,603 496,603 495,957 495,957 Senior unsecured notes (1) 5,401,461 4,882,158 4,659,451 4,238,124 Mortgage debt (2) 342,349 317,221 346,599 330,867 _______________________________________ (1) Level 1: Fair value is calculated based on quoted prices in active markets. (2) Level 2: Fair value is based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, interest rate swap instruments, and mortgage debt, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the nine months ended September 30, 2023 and year ended December 31, 2022, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s interest rate swap instruments (in thousands): Fair Value (2) Date Entered Maturity Date Hedge Designation Notional Amount Pay Rate (1) Receive Rate (1) September 30, December 31, April 2022 (3) May 2026 Cash flow $ 51,100 4.99 % USD-SOFR w/ -5 Day Lookback + 2.50% $ 2,706 $ 2,300 April 2022 (3) May 2026 Cash flow 91,000 4.54 % USD-SOFR w/ -5 Day Lookback + 2.05% 4,819 4,096 August 2022 (3) February 2027 Cash flow 250,000 2.60 % 1 mo. USD-SOFR CME Term 14,651 11,299 August 2022 (3) August 2027 Cash flow 250,000 2.54 % 1 mo. USD-SOFR CME Term 16,504 12,564 _____________________________ (1) Pay rates and receive rates are as of September 30, 2023. As of December 31, 2022, the interest rate swap instrument with a $51 million notional amount had a pay rate of 5.08% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.50%. As of December 31, 2022, the interest rate swap instrument with a $91 million notional amount had a pay rate of 4.63% and a receive rate of 1 mo. USD-LIBOR-BBA + 2.05%. (2) At each of September 30, 2023 and December 31, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded at fair value in other assets, net on the Consolidated Balance Sheets.

Accounts Payable, Accrued Lia_2

Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities (in thousands): September 30, December 31, Refundable entrance fees $ 254,986 $ 268,972 Accrued construction costs 116,931 178,626 Accrued interest 46,256 59,291 Other accounts payable and accrued liabilities (1) 269,477 265,596 Accounts payable, accrued liabilities, and other liabilities $ 687,650 $ 772,485 _______________________________________ (1) As of September 30, 2023 and December 31, 2022, includes $9 million and $15 million, respectively, of severance-related obligations associated with the departure of a former CEO in October 2022 that had not yet been paid.

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenues [Abstract]
Schedule of Deferred Revenue	The following table summarizes the Company’s deferred revenue, excluding deferred revenue related to assets classified as held for sale (in thousands): September 30, December 31, Nonrefundable entrance fees (1) $ 553,114 $ 518,573 Other deferred revenue (2) 326,060 325,503 Deferred revenue $ 879,174 $ 844,076 _______________________________________ (1) During the three and nine months ended September 30, 2023, the Company collected nonrefundable entrance fees of $36 million and $96 million, respectively, and recognized amortization of $21 million and $61 million, respectively. During the three and nine months ended September 30, 2022, the Company collected nonrefundable entrance fees of $24 million and $74 million, respectively, and recognized amortization of $20 million and $58 million, respectively. The amortization of nonrefundable entrance fees is included within resident fees and services on the Consolidated Statements of Operations. (2) Other deferred revenue is primarily comprised of prepaid rent, deferred rent, and tenant-funded tenant improvements owned by the Company. During the three and nine months ended September 30, 2023, the Company recognized amortization related to other deferred revenue of $19 million and $50 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized amortization related to other deferred revenue of $12 million and $32 million, respectively. The amortization of other deferred revenue is included in rental and related revenues on the Consolidated Statements of Operations.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Government Grant Income (Details) - Government Assistance, CARES Act - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 0	$ 197	$ 413	$ 7,812
Government grant income recorded in other income (expense), net
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	0	4	184	6,765
Government grant income recorded in equity income (loss) from unconsolidated joint ventures
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	0	183	229	831
Government grant income recorded in income (loss) from discontinued operations
Unusual or Infrequent Item, or Both [Line Items]
Government grant income received	$ 0	$ 10	$ 0	$ 216

Real Estate - Real Estate Inves

Real Estate - Real Estate Investments (Details) $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property	May 31, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Jan. 31, 2022 USD ($)	Sep. 30, 2023
HCP Ventures IV, LLC
Real Estate [Line Items]
Investment ownership percentage	80%	80%						20%
Property count | property	1	1
Cash paid	$ 4	$ 4
Gain on investments	$ 0.2
Lab | MASSACHUSETTS
Real Estate [Line Items]
Payments to acquire real estate			$ 9	$ 18			$ 72
Lab | CALIFORNIA
Real Estate [Line Items]
Payments to acquire real estate							$ 24
Outpatient Medical Buildings
Real Estate [Line Items]
Property count | property				3
Outpatient Medical Buildings | TEXAS
Real Estate [Line Items]
Payments to acquire real estate						$ 43
Number of properties acquired | property						2
Outpatient Medical Buildings | ARKANSAS
Real Estate [Line Items]
Payments to acquire real estate					$ 26
Number of properties acquired | property					1

Real Estate - Development Activ

Real Estate - Development Activities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate [Line Items]
Development and redevelopment projects, amount decrease	$ (128)
Development commitments	$ 124

Dispositions of Real Estate a_3

Dispositions of Real Estate and Discontinued Operations - Narrative (Details)	1 Months Ended		3 Months Ended				9 Months Ended
	Mar. 31, 2023 USD ($) property	Jan. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net			$ 0	$ (4,149,000)			$ 86,463,000	$ 10,047,000
Assets held for sale, net			8,277,000				8,277,000		$ 49,866,000
Impairment of real estate			0	$ 0			0	0
Planned MOB Demolition, Tenant Relocation and Other Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Expense on other								$ 14,000,000
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net			8,000,000				8,000,000		50,000,000
Liabilities related to assets held for sale, net									4,000,000
Total asset of discontinued operation									$ 0
Total liabilities of discontinued operation			$ 0				$ 0
Lab
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		2				1
Proceeds from sale of buildings		$ 113,000,000				$ 14,000,000
Gain (loss) on sales of real estate, net		$ 60,000,000				$ 4,000,000
Lab | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property			1				1		2
Net real estate assets									$ 44,000,000
Outpatient Medical Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	2			2	3
Proceeds from sale of buildings	$ 32,000,000			$ 9,000,000	$ 27,000,000
Gain (loss) on sales of real estate, net	$ 21,000,000			$ 1,000,000	$ 10,000,000
Outpatient Medical Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property					1

Dispositions of Real Estate a_4

Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - Held-for-sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues [Abstract]
Resident fees and services	$ 0	$ 1,284	$ 0	$ 6,765
Total revenues	0	1,284	0	6,765
Costs and expenses:
Operating	0	1,334	0	6,451
Total costs and expenses	0	1,334	0	6,451
Other income (expense):
Gain (loss) on sales of real estate, net	0	(1,131)	0	1,361
Other income (expense), net	0	(7)	0	12
Total other income (expense), net	0	(1,138)	0	1,373
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	0	(1,188)	0	1,687
Income tax benefit (expense)	0	(110)	0	260
Equity income (loss) from unconsolidated joint ventures	0	0	0	64
Income (loss) from discontinued operations	$ 0	$ (1,298)	$ 0	$ 2,011

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 317,106	$ 298,680	$ 923,285	$ 882,700
Variable income from operating leases	99,969	93,621	296,188	266,830
Interest income from direct financing leases	$ 0	$ 0	$ 0	$ 1,168

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 31, 2023 USD ($) lease	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) lease	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 property
Lessor, Lease, Description [Line Items]
Proceeds from sale of lease receivable				$ 68,000
Gain on sale of direct financing lease				$ 23,000
Number of properties classified as DFL | property					0		0
Straight-line rent receivable					$ 12,710	$ 36,837
Litigation settlement, amount awarded from other party		$ 2,000
Proceeds from legal settlements					$ 2,000
Subsequent Event | Graphite Bio, Inc.
Lessor, Lease, Description [Line Items]
Number of leases | lease	1
Upfront cash payment	$ 37,000
Straight line rent	$ 37,000
Sorrento Therapeutics, Inc.
Lessor, Lease, Description [Line Items]
Straight-line rent receivable			$ 9,000
Number of leases | lease			4

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Unamortized discounts and fees	$ (498)	$ (808)
Reserve for loan losses	(8,023)	(8,280)	$ (1,813)
Loans receivable, net	225,881	374,832
Loans and leases receivable, remaining commitments	36,000	40,000
Secured Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	192,187	350,837
Reserve for loan losses	(8,023)	(8,280)	$ (1,804)
CCRC resident loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, gross	$ 42,215	$ 33,083

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands

1 Months Ended

5 Months Ended

9 Months Ended

Oct. 31, 2023 USD ($)

Jun. 30, 2023

May 31, 2023 USD ($) loan

Apr. 30, 2023 USD ($) loan

Feb. 28, 2023 USD ($) loan

Dec. 31, 2022 USD ($) loan

Nov. 30, 2022 USD ($)

Jul. 31, 2022 USD ($)

May 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Jun. 30, 2021 USD ($)

Jan. 31, 2021 USD ($) facility

May 31, 2023 loan

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Loans Receivable:

Net cash provided by financing activities

$ (376,815)

$ (165,517)

Financing receivable, after allowance for credit loss

$ 374,832

225,881

Loans receivable, extension fee

$ 1,000

Credit loss reserve on unfunded loan commitments

$ 800

900

SHOP

Loans Receivable:

Proceeds from sale of property

$ 230,000

Net cash provided by financing activities

$ 150,000

SHOP

Loans Receivable:

Number of assets to be sold | facility

16

Secured Mortgage Loans

Loans Receivable:

Proceeds from the collection of loans receivable

102,000

Secured Mortgage Loans | Other

Loans Receivable:

Proceeds from the collection of loans receivable

$ 21,000

$ 14,000

$ 35,000

$ 2,000

Number of secured loans | loan

1

1

1

4

4

Loans receivable, outstanding balance

$ 61,000

Loans receivable, term

1 year

Secured Mortgage Loans | Other | Subsequent Event

Loans Receivable:

Proceeds from the collection of loans receivable

$ 21,000

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR)

Loans Receivable:

Loans receivable, basis spread on variable rate

0.11%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR) | Other

Loans Receivable:

Loans receivable, conversion of basis spread on variable rate

0.10%

Loans receivable, basis spread on variable rate

0.11%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), First Six Months

Loans Receivable:

Loans receivable, basis spread on variable rate

6%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), First Six Months | Other

Loans Receivable:

Loans receivable, basis spread on variable rate

8.50%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), Last Six Months

Loans Receivable:

Loans receivable, basis spread on variable rate

7%

Secured Mortgage Loans | Secured Overnight Financing Rate (SOFR), Last Six Months | Other

Loans Receivable:

Loans receivable, basis spread on variable rate

10.50%

Secured Mortgage Loans | Other

Loans Receivable:

Proceeds from the collection of loans receivable

$ 12,000

Number of secured loans | loan

2

Mezzanine | Other

Loans Receivable:

Proceeds from the collection of loans receivable

$ 1,000

Other Non-Reporting Segment | CCRC JV | Brookedale MTCA | Lessor Asset Under Operating Lease

Loans Receivable:

Financing receivable, after allowance for credit loss

$ 33,000

42,000

Sunrise Senior Housing Portfolio | SHOP

Loans Receivable:

Net cash provided by financing activities

$ 410,000

Capital expenditure funding, amount committed

$ 92,000

40,000

Capital expenditure funding, cost of capital, percent committed

65%

Capital expenditure funding, amount funded

4,000

Sunrise Senior Housing Portfolio | SHOP

Loans Receivable:

Number of assets to be sold | facility

32

Proceeds from sale of property

$ 664,000

Proceeds from the collection of loans receivable

10,000

$ 27,000

$ 8,000

$ 246,000

Financing receivable, after allowance for credit loss

$ 120,000

$ 124,000

Sunrise Senior Housing Portfolio | SHOP | Secured Overnight Financing Rate (SOFR)

Loans Receivable:

Loans receivable, conversion of basis spread on variable rate

0.10%

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Secured Mortgage Loans
Loans receivable
2023	$ 0
2022	0
2021	167,736
2020	15,930
2019	0
Prior	0
Total	183,666
CCRC resident loans
Loans receivable
2023	38,701
2022	3,514
2021	0
2020	0
2019	0
Prior	0
Total	42,215
Performing loans | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	167,736
2020	15,930
2019	0
Prior	0
Total	183,666
Performing loans | CCRC resident loans
Loans receivable
2023	38,701
2022	3,514
2021	0
2020	0
2019	0
Prior	0
Total	42,215
Watch list loans | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Watch list loans | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Workout loans | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Workout loans | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period gross write-offs | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period gross write-offs | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period recoveries | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period recoveries | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period net write-offs | Secured Mortgage Loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Current period net write-offs | CCRC resident loans
Loans receivable
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	$ 0

Loans Receivable - Schedule o_3

Loans Receivable - Schedule of Reserve for Loan Losses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	$ 8,280	$ 1,813
Provision for expected loan losses	2,539	6,534
Expected loan losses (recoveries) related to loans sold or repaid	(2,796)	(67)
Reserve for loan losses, end of period	8,023	8,280
Secured Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	8,280	1,804
Provision for expected loan losses	2,539	6,527
Expected loan losses (recoveries) related to loans sold or repaid	(2,796)	(51)
Reserve for loan losses, end of period	8,023	8,280
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Reserve for loan losses, beginning of period	0	9
Provision for expected loan losses	0	7
Expected loan losses (recoveries) related to loans sold or repaid	0	(16)
Reserve for loan losses, end of period	$ 0	$ 0

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2023 USD ($) property	Apr. 28, 2023 USD ($) property	Dec. 31, 2021 USD ($)	Sep. 30, 2023 USD ($) joint_venture property	Dec. 31, 2022 USD ($) property
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures | $				$ 745,381	$ 706,677
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property	2
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				2
HCP Ventures IV, LLC
Schedule of Equity Method Investments [Line Items]
Property count | property	1	1
Investment ownership percentage	80%	80%		20%
Cash paid | $	$ 4,000	$ 4,000
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				67%
Lab | South San Francisco JVs
Schedule of Equity Method Investments [Line Items]
Property count | property				7
Investment ownership percentage				70%
Equity method investments | $				$ 357,209	309,969
Number of unconsolidated joint ventures (in joint ventures) | joint_venture				7
Lab | Lab JV
Schedule of Equity Method Investments [Line Items]
Property count | property				1
Investment ownership percentage				49%
Equity method investments | $				$ 30,483	26,601
Lab | Needham Land Parcel JV
Schedule of Equity Method Investments [Line Items]
Property count | property				0
Investment ownership percentage			38%	38%
Equity method investments | $				$ 15,733	15,391
Cash paid | $			$ 13,000
Other Non-Reporting Segment | SWF SH JV
Schedule of Equity Method Investments [Line Items]
Property count | property				19
Investment ownership percentage				54%
Equity method investments | $				$ 333,980	$ 345,978
Outpatient Medical
Schedule of Equity Method Investments [Line Items]
Property count | property					3
Outpatient Medical | Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count | property				2
Equity method investments | $				$ 7,976	$ 8,738
Outpatient Medical | Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				20%
Outpatient Medical | Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage				67%

Investments in and Advances t_4

Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Millions		3 Months Ended
	Aug. 01, 2022 USD ($) property	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Gain on deconsolidation		$ 311
Life Science JV in San Francisco, California | Lab
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	70%
Property count | property	7
Life Science JV in San Francisco, California | Life Science JV in San Francisco, California | Lab
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	30%
Cash proceeds	$ 126

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Intangibles [Abstract]
Gross intangible lease assets	$ 755,903	$ 770,285
Accumulated depreciation and amortization	(416,712)	(352,224)
Intangible assets, net	$ 339,191	$ 418,061
Weighted average remaining amortization period in years	5 years	5 years
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 339,191	$ 418,061
Discontinued Operations, Held-for-sale or Disposed of by Sale
Intangibles [Abstract]
Intangible assets, net		2,000
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net		$ 2,000

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Intangibles [Abstract]
Gross intangible lease liabilities	$ 230,896	$ 237,464
Accumulated depreciation and amortization	(97,228)	(81,271)
Intangible liabilities, net	$ 133,668	$ 156,193
Weighted average remaining amortization period in years	7 years	7 years

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.5	$ 7
Weighted average remaining amortization period in years	5 years	5 years
Intangible liabilities acquired		$ 6
Weighted average remaining amortization period, liabilities	7 years	7 years
Other Property
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period in years	5 years	7 years
Weighted average remaining amortization period, liabilities		11 years

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loan (Details)			1 Months Ended	9 Months Ended
	Aug. 22, 2022 USD ($) loan	May 23, 2019 USD ($) renewal_option	Sep. 30, 2021 USD ($) renewal_option	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 derivative_held
Debt Instrument
Bank line of credit and commercial paper				$ 424,000,000	$ 995,606,000
Long-term Debt				$ 6,664,413,000
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held							2
Term Loan Agreement
Debt Instrument
Number of loans | loan	2
Debt instrument, covenant debt to assets (as a percent)				60%
Debt instrument, covenant secured debt to assets (as a percent)				40%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)				60%
Debt instrument, covenant minimum fixed charge coverage ratio				1.5
Debt instrument, covenant net worth, minimum				$ 7,700,000,000
Term Loan Agreement | Interest rate swap instruments
Debt Instrument
Pay Rate				3.76%
Bank Line  of Credit
Debt Instrument
Long-term Debt				$ 0
Revolving Credit Facility | Bank Line  of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity		$ 2,500,000,000	$ 3,000,000,000
Number of extensions | renewal_option		2	2
Length of debt instrument extension period (in months)		6 months	6 months
Debt Instrument, interest rate, reduction available for sustainability metrics				0.00025
Line of credit facility additional aggregate amount, maximum			$ 750,000,000
Bank line of credit and commercial paper				$ 0	0
Revolving Credit Facility | Bank Line  of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt Instrument, basis spread on variable rate				0.85%
Debt instrument, facility fee (as a percent)				0.15%
Term Loan Facilities | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Length of debt instrument extension period (in months)	1 year
Debt Instrument, interest rate, reduction available for sustainability metrics	0.0001
Aggregate principal amount	$ 500,000,000					$ 500,000,000
Debt instrument, period after closing	180 days
Debt instrument, term (in months)	4 years 6 months
Long-term Debt				$ 500,000,000	$ 500,000,000
Debt instrument, margin rate				0.94%
Line of credit facility, loan feature, higher borrowing capacity option				$ 500,000,000
Term Loan Facilities One | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 250,000,000
Term Loan Facilities Two | Bank Line  of Credit | Term Loan Agreement
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 250,000,000
Debt instrument, term (in months)	5 years

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details) - Commercial Paper Program - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument
Maximum outstanding amount capacity	$ 2,000,000,000	$ 2,000,000,000
Borrowings	$ 424,000,000	$ 996,000,000
Debt instrument, term (in months)	22 days	2 months
Weighted-average interest rate (as a percent)	5.62%	4.90%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Sep. 30, 2023	May 10, 2023	Jan. 17, 2023	Dec. 31, 2022
Debt Instrument
Principal balance on debt	$ 6,715,283,000
Senior Unsecured Note
Debt Instrument
Principal balance on debt	$ 5,450,000,000			$ 4,700,000,000
Senior Unsecured Note | Unsecured Note 5.25 Percent
Debt Instrument
Aggregate principal amount		$ 350,000,000	$ 400,000,000
Coupon Rate		5.25%	5.25%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) facility property	Aug. 31, 2022 derivative_held	Apr. 30, 2022 derivative_held
Debt Instrument
Principal balance on debt	$ 6,715,283		$ 6,715,283
Interest rate swap instruments | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held						2
Interest rate swap instruments | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument
Number of interest-rate contracts held | derivative_held							2
Outpatient Medical Buildings
Debt Instrument
Property count | property					3
Outpatient Medical Buildings | Mortgage Debt
Debt Instrument
Property count | facility	13		13
Aggregate principal amount	$ 142,000		$ 142,000
Mortgage Debt
Debt Instrument
Principal balance on debt	341,283		341,283		$ 345,000
Debt instrument, collateral, healthcare facilities carrying value	770,000		770,000		$ 793,000
Debt instrument, periodic payment	$ 1,000	$ 1,000	$ 4,000	$ 4,000
Mortgage Debt | Outpatient Medical Buildings
Debt Instrument
Property count | facility	15		15		15
Mortgage Debt | CCRC
Debt Instrument
Property count | facility	3		3		3

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument
2023	$ 86,161
2024	7,024
2025	803,209
2026	1,318,523
2027	950,366
Thereafter	3,550,000
Total debt before discount, net	6,715,283
Premiums, (discounts), and debt issuance costs, net	(50,870)
Long-term debt	6,664,413
Bank Line  of Credit
Debt Instrument
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total debt before discount, net	0
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	0
Commercial Paper
Debt Instrument
2023	0
2024	0
2025	0
2026	424,000
2027	0
Thereafter	0
Total debt before discount, net	424,000
Premiums, (discounts), and debt issuance costs, net	0
Long-term debt	424,000
Term Loans
Debt Instrument
2023	0
2024	0
2025	0
2026	0
2027	500,000
Thereafter	0
Total debt before discount, net	500,000
Premiums, (discounts), and debt issuance costs, net	(3,397)
Long-term debt	496,603
Senior Unsecured Note
Debt Instrument
2023	0
2024	0
2025	800,000
2026	650,000
2027	450,000
Thereafter	3,550,000
Total debt before discount, net	5,450,000	$ 4,700,000
Premiums, (discounts), and debt issuance costs, net	(48,539)
Long-term debt	$ 5,401,461
Weighted-average interest rate (as a percent)	3.66%
Weighted-average maturity (in years)	6 years
Senior Unsecured Note | 2023
Debt Instrument
Interest Rate	0%
Senior Unsecured Note | 2024
Debt Instrument
Interest Rate	0%
Senior Unsecured Note | 2025
Debt Instrument
Interest Rate	3.92%
Senior Unsecured Note | 2026
Debt Instrument
Interest Rate	3.40%
Senior Unsecured Note | 2027
Debt Instrument
Interest Rate	1.54%
Senior Unsecured Note | Thereafter
Debt Instrument
Interest Rate	3.92%
Senior Unsecured Note | Minimum
Debt Instrument
Interest Rate	1.54%
Senior Unsecured Note | Maximum
Debt Instrument
Interest Rate	6.87%
Mortgage Debt
Debt Instrument
2023	$ 86,161
2024	7,024
2025	3,209
2026	244,523
2027	366
Thereafter	0
Total debt before discount, net	341,283	$ 345,000
Premiums, (discounts), and debt issuance costs, net	1,066
Long-term debt	$ 342,349
Weighted-average interest rate (as a percent)	4.32%
Weighted-average maturity (in years)	2 years
Mortgage Debt | 2023
Debt Instrument
Interest Rate	3.79%
Mortgage Debt | 2024
Debt Instrument
Interest Rate	6.74%
Mortgage Debt | 2025
Debt Instrument
Interest Rate	3.82%
Mortgage Debt | 2026
Debt Instrument
Interest Rate	4.44%
Mortgage Debt | 2027
Debt Instrument
Interest Rate	5.91%
Mortgage Debt | Thereafter
Debt Instrument
Interest Rate	0%
Mortgage Debt | Minimum
Debt Instrument
Interest Rate	3.44%
Mortgage Debt | Maximum
Debt Instrument
Interest Rate	8.99%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2023 property
Lab JV | Lab
Loss Contingencies [Line Items]
Investment ownership percentage	49%
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement	29

Equity and Redeemable Noncont_3

Equity and Redeemable Noncontrolling Interests - Dividends (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 29, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.30	$ 0.30	$ 0.90	$ 0.90
Dividends paid (in dollars per share)		$ 0.30	$ 0.30	$ 0.90	$ 0.90
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.30

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - ATM Program (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net		$ 328,000	$ 375,000	$ 685,000	$ 1,031,000
At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
ATM aggregate amount authorized				1,500,000,000
Maximum shares issuable under forward equity sales agreement (in shares)	9,100,000
Forward equity sales agreement, initial net price (in dollars per share)	$ 34.01
Issuance of common stock, net	$ 308,000,000	$ 0		$ 0
At-The-Market Program | Minimum
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term (in years)				1 year
At-The-Market Program | Maximum
Subsidiary or Equity Method Investee [Line Items]
Option indexed to issuers equity, term (in years)				2 years
2023 At-The-Market Program
Subsidiary or Equity Method Investee [Line Items]
ATM aggregate amount remaining				$ 1,500,000,000
2020 ATM Program
Subsidiary or Equity Method Investee [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)						9,100,000
Forward equity sales agreement, initial net price (in dollars per share)						$ 35.25
ATM Direct Issuances | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Issuance of common stock, net (in shares)		0	0	0	0

Equity and Redeemable Noncont_5

Equity and Redeemable Noncontrolling Interests - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended
	Aug. 31, 2022	Sep. 30, 2023	Aug. 01, 2022
Equity [Abstract]
Stock repurchase program, authorized amount			$ 500,000,000
Common stock repurchased (in shares)	2.1
Average cost per share (in dollars per share)	$ 27.16
Stock repurchase program, total value	$ 56,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 444,000,000

Equity and Redeemable Noncont_6

Equity and Redeemable Noncontrolling Interests - AOCI (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) plan_participant	Dec. 31, 2022 USD ($)
Accumulated Other Comprehensive Loss
Unrealized gains (losses) on derivatives, net	$ 38,566	$ 30,145
Supplemental Executive Retirement Plan minimum liability	(1,819)	(2,011)
Total accumulated other comprehensive income (loss)	$ 36,747	$ 28,134
Number of participants | plan_participant	1

Equity and Redeemable Noncont_7

Equity and Redeemable Noncontrolling Interests - Healthpeak OP (Details) unit in Millions	8 Months Ended	9 Months Ended	24 Months Ended
	Sep. 30, 2023 unit shares	Sep. 30, 2023 interest	Dec. 31, 2024 interest	Feb. 10, 2023
Noncontrolling Interest [Line Items]
Number of redeemable noncontrolling interest redemptions		2
Number of interests redeemable over time		2
Healthpeak OP
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent				100%
Healthpeak OP | Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
Issuance of OP units (in units) | unit	2
Common stock, unit redemption share amount | shares	1
Forecast
Noncontrolling Interest [Line Items]
Number of interests redeemable over time			1

Equity and Redeemable Noncont_8

Equity and Redeemable Noncontrolling Interests - DownREITs (Details) $ in Thousands, shares in Millions	Sep. 30, 2023 USD ($) entity shares	Dec. 31, 2022 USD ($) shares
Noncontrolling Interest [Line Items]
Non-managing member unitholders	$ 213,105	$ 200,176
Total Noncontrolling Interests
Noncontrolling Interest [Line Items]
DownREIT units outstanding (in shares) | shares	5	5
Common stock issuable (in shares) | shares	7
Number of DownREIT LLCs | entity	7
Non-managing member unitholders	$ 200,000	$ 200,000
Minority interest in preferred unit holders, fair value	$ 134,000	$ 183,000

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator - Basic
Income (loss) from continuing operations	$ 68,656	$ 359,284	$ 259,362	$ 503,611
Noncontrolling interests’ share in continuing operations	(4,442)	(4,016)	(24,297)	(11,701)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	64,214	355,268	235,065	491,910
Less: Participating securities’ share in continuing operations	(166)	(604)	(1,568)	(2,523)
Income (loss) from continuing operations applicable to common shares	64,048	354,664	233,497	489,387
Income (loss) from discontinued operations	0	(1,298)	0	2,011
Net income (loss) applicable to common shares	64,048	353,366	233,497	491,398
Add: distributions on dilutive convertible units and other	0	2,355	0	4,943
Net income (loss) applicable to common shares	$ 64,048	$ 355,721	$ 233,497	$ 496,341
Denominator
Basic weighted average shares outstanding (in shares)	547,062	538,417	546,978	539,105
Dilutive potential common shares - equity awards (in shares)	269	281	269	255
Dilutive potential common shares - DownREIT conversions (in shares)	0	7,317	0	5,492
Diluted weighted average common shares (in shares)	547,331	546,015	547,247	544,852
Basic earnings (loss) per common share
Continuing operations (in dollars per share)	$ 0.12	$ 0.66	$ 0.43	$ 0.91
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	0.12	0.66	0.43	0.91
Diluted earnings (loss) per common share
Continuing operations (in dollars per share)	0.12	0.65	0.43	0.91
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) applicable to common shares (in dollars per share)	$ 0.12	$ 0.65	$ 0.43	$ 0.91
Outstanding equity awards (in shares)	1,000	1,000	1,000	1,000

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities, non-managing member units (in shares)		7,000,000		5,000,000
Forward Equity Sales Agreements
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	0	9,100,000	0	9,100,000
Down REIT
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)	7,000,000		7,000,000

Segment Disclosures - Narrative

Segment Disclosures - Narrative (Details)	Sep. 30, 2023 property
Segment Reporting [Abstract]
Number of facilities owned by unconsolidated joint venture	19

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended				9 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			$ 556,243	$ 520,406			$ 1,627,351	$ 1,536,710
Government grant income				4			184	6,765
Less: Interest income			(5,360)	(5,963)			(16,802)	(16,950)
Healthpeak’s share of unconsolidated joint venture total revenues			23,743	22,350			69,943	62,804
Healthpeak’s share of unconsolidated joint venture government grant income				183			229	831
Noncontrolling interests’ share of consolidated joint venture total revenues			(8,889)	(9,023)			(26,813)	(26,906)
Operating expenses			(232,734)	(220,208)			(677,659)	(642,499)
Healthpeak’s share of unconsolidated joint venture operating expenses			(16,698)	(15,689)			(48,944)	(45,460)
Noncontrolling interests’ share of consolidated joint venture operating expenses			2,507	2,579			7,585	7,945
Adjustments to NOI			(13,416)	(19,224)			(37,729)	(61,431)
Adjusted NOI			305,396	275,415			897,345	821,809
Plus: Adjustments to NOI			13,416	19,224			37,729	61,431
Interest income			5,360	5,963			16,802	16,950
Interest expense			(50,510)	(44,078)			(147,547)	(123,531)
Depreciation and amortization			(184,559)	(173,190)			(561,357)	(531,412)
General and administrative			(23,093)	(24,549)			(73,576)	(73,161)
Transaction costs			(36)	(728)			(3,098)	(1,636)
Impairments and loan loss reserves, net			550	(3,407)			156	(3,678)
Gain (loss) on sales of real estate, net			0	(4,149)			86,463	10,047
Other income (expense), net			1,481	305,678			4,208	326,855
Less: Government grant income				(4)			(184)	(6,765)
Less: Healthpeak’s share of unconsolidated joint venture NOI			(7,045)	(6,844)			(21,228)	(18,175)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			6,382	6,444			19,228	18,961
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			67,342	355,775			254,941	497,695
Income tax benefit (expense)			(787)	3,834			(2,225)	3,775
Equity income (loss) from unconsolidated joint ventures			2,101	(325)			6,646	2,141
Income (loss) from continuing operations			68,656	359,284			259,362	503,611
Income (loss) from discontinued operations			0	(1,298)			0	2,011
Net income (loss)			68,656	357,986			259,362	505,622
Corporate Non-segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			0	0			0	0
Government grant income				0			0	0
Less: Interest income			0	0			0	0
Healthpeak’s share of unconsolidated joint venture total revenues			0	0			0	0
Healthpeak’s share of unconsolidated joint venture government grant income				0			0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			0	0			0	0
Operating expenses			0	0			0	0
Healthpeak’s share of unconsolidated joint venture operating expenses			0	0			0	0
Noncontrolling interests’ share of consolidated joint venture operating expenses			0	0			0	0
Adjustments to NOI			0	0			0	0
Adjusted NOI			0	0			0	0
Plus: Adjustments to NOI			0	0			0	0
Interest income			0	0			0	0
Interest expense			(46,733)	(40,227)			(136,286)	(112,971)
Depreciation and amortization			0	0			0	0
General and administrative			(23,093)	(24,549)			(73,576)	(73,161)
Transaction costs			(47)	0			(2,306)	(443)
Impairments and loan loss reserves, net			0	0			0	0
Gain (loss) on sales of real estate, net				0			0	0
Other income (expense), net			1,203	698			3,502	2,527
Less: Government grant income				0			0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			0	0			0	0
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			0	0			0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			(68,670)	(64,078)			(208,666)	(184,048)
Income tax benefit (expense)			(787)	3,834			(2,225)	3,775
Equity income (loss) from unconsolidated joint ventures			0	0			0	0
Income (loss) from continuing operations			(69,457)	(60,244)			(210,891)	(180,273)
Income (loss) from discontinued operations			0	(1,298)			0	2,011
Net income (loss)			(69,457)	(61,542)			(210,891)	(178,262)
Lab
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net		$ 60,000				$ 4,000
Lab | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			226,059	207,795			654,829	609,620
Government grant income				0			0	0
Less: Interest income			0	0			0	0
Healthpeak’s share of unconsolidated joint venture total revenues			2,425	2,938			6,519	5,637
Healthpeak’s share of unconsolidated joint venture government grant income				0			0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			(154)	(55)			(449)	(174)
Operating expenses			(60,268)	(55,162)			(172,666)	(152,796)
Healthpeak’s share of unconsolidated joint venture operating expenses			(958)	(777)			(2,987)	(1,744)
Noncontrolling interests’ share of consolidated joint venture operating expenses			33	21			108	59
Adjustments to NOI			(9,842)	(15,221)			(25,618)	(50,977)
Adjusted NOI			157,295	139,539			459,736	409,625
Plus: Adjustments to NOI			9,842	15,221			25,618	50,977
Interest income			0	0			0	0
Interest expense			0	0			0	0
Depreciation and amortization			(78,646)	(70,141)			(247,463)	(227,952)
General and administrative			0	0			0	0
Transaction costs			(51)	(40)			(209)	(367)
Impairments and loan loss reserves, net			0	0			0	0
Gain (loss) on sales of real estate, net				0			60,498	3,856
Other income (expense), net			(1)	311,912			1	311,932
Less: Government grant income				0			0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(1,467)	(2,161)			(3,532)	(3,893)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			121	34			341	115
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			87,093	394,364			294,990	544,293
Income tax benefit (expense)			0	0			0	0
Equity income (loss) from unconsolidated joint ventures			1,244	(877)			3,155	237
Income (loss) from continuing operations			88,337	393,487			298,145	544,530
Income (loss) from discontinued operations			0	0			0	0
Net income (loss)			88,337	393,487			298,145	544,530
Outpatient Medical
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Gain (loss) on sales of real estate, net	$ 21,000			1,000	$ 10,000
Outpatient Medical | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			191,016	184,506			564,644	541,078
Government grant income				0			0	0
Less: Interest income			0	0			0	0
Healthpeak’s share of unconsolidated joint venture total revenues			746	756			2,245	2,249
Healthpeak’s share of unconsolidated joint venture government grant income				0			0	0
Noncontrolling interests’ share of consolidated joint venture total revenues			(8,735)	(8,968)			(26,364)	(26,732)
Operating expenses			(67,693)	(64,782)			(197,442)	(189,274)
Healthpeak’s share of unconsolidated joint venture operating expenses			(301)	(313)			(895)	(912)
Noncontrolling interests’ share of consolidated joint venture operating expenses			2,474	2,558			7,477	7,886
Adjustments to NOI			(3,547)	(4,079)			(11,373)	(10,574)
Adjusted NOI			113,960	109,678			338,292	323,721
Plus: Adjustments to NOI			3,547	4,079			11,373	10,574
Interest income			0	0			0	0
Interest expense			(1,947)	(1,964)			(5,791)	(4,931)
Depreciation and amortization			(72,736)	(70,917)			(215,617)	(207,563)
General and administrative			0	0			0	0
Transaction costs			(23)	(94)			(171)	(168)
Impairments and loan loss reserves, net			0	0			0	0
Gain (loss) on sales of real estate, net				554			21,312	10,894
Other income (expense), net			78	154			517	12,354
Less: Government grant income				0			0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(445)	(443)			(1,350)	(1,337)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			6,261	6,410			18,887	18,846
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			48,695	47,457			167,452	162,390
Income tax benefit (expense)			0	0			0	0
Equity income (loss) from unconsolidated joint ventures			211	206			585	617
Income (loss) from continuing operations			48,906	47,663			168,037	163,007
Income (loss) from discontinued operations			0	0			0	0
Net income (loss)			48,906	47,663			168,037	163,007
CCRC | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			133,808	122,142			391,076	369,062
Government grant income				4			184	6,765
Less: Interest income			0	0			0	0
Healthpeak’s share of unconsolidated joint venture total revenues			0	0			0	0
Healthpeak’s share of unconsolidated joint venture government grant income				0			0	334
Noncontrolling interests’ share of consolidated joint venture total revenues			0	0			0	0
Operating expenses			(104,773)	(100,264)			(307,551)	(300,429)
Healthpeak’s share of unconsolidated joint venture operating expenses			0	0			0	0
Noncontrolling interests’ share of consolidated joint venture operating expenses			0	0			0	0
Adjustments to NOI			0	0			(679)	0
Adjusted NOI			29,035	21,882			83,030	75,732
Plus: Adjustments to NOI			0	0			679	0
Interest income			0	0			0	0
Interest expense			(1,830)	(1,887)			(5,470)	(5,629)
Depreciation and amortization			(33,177)	(32,132)			(98,277)	(95,897)
General and administrative			0	0			0	0
Transaction costs			85	(594)			(412)	(658)
Impairments and loan loss reserves, net			0	0			0	0
Gain (loss) on sales of real estate, net				0			0	0
Other income (expense), net			254	(7,086)			260	55
Less: Government grant income				(4)			(184)	(6,765)
Less: Healthpeak’s share of unconsolidated joint venture NOI			0	0			0	(334)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			0	0			0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			(5,633)	(19,821)			(20,374)	(33,496)
Income tax benefit (expense)			0	0			0	0
Equity income (loss) from unconsolidated joint ventures			0	0			0	539
Income (loss) from continuing operations			(5,633)	(19,821)			(20,374)	(32,957)
Income (loss) from discontinued operations			0	0			0	0
Net income (loss)			(5,633)	(19,821)			(20,374)	(32,957)
Other Non-reportable | Operating Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total revenues			5,360	5,963			16,802	16,950
Government grant income				0			0	0
Less: Interest income			(5,360)	(5,963)			(16,802)	(16,950)
Healthpeak’s share of unconsolidated joint venture total revenues			20,572	18,656			61,179	54,918
Healthpeak’s share of unconsolidated joint venture government grant income				183			229	497
Noncontrolling interests’ share of consolidated joint venture total revenues			0	0			0	0
Operating expenses			0	0			0	0
Healthpeak’s share of unconsolidated joint venture operating expenses			(15,439)	(14,599)			(45,062)	(42,804)
Noncontrolling interests’ share of consolidated joint venture operating expenses			0	0			0	0
Adjustments to NOI			(27)	76			(59)	120
Adjusted NOI			5,106	4,316			16,287	12,731
Plus: Adjustments to NOI			27	(76)			59	(120)
Interest income			5,360	5,963			16,802	16,950
Interest expense			0	0			0	0
Depreciation and amortization			0	0			0	0
General and administrative			0	0			0	0
Transaction costs			0	0			0	0
Impairments and loan loss reserves, net			550	(3,407)			156	(3,678)
Gain (loss) on sales of real estate, net				(4,703)			4,653	(4,703)
Other income (expense), net			(53)	0			(72)	(13)
Less: Government grant income				0			0	0
Less: Healthpeak’s share of unconsolidated joint venture NOI			(5,133)	(4,240)			(16,346)	(12,611)
Plus: Noncontrolling interests’ share of consolidated joint venture NOI			0	0			0	0
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures			5,857	(2,147)			21,539	8,556
Income tax benefit (expense)			0	0			0	0
Equity income (loss) from unconsolidated joint ventures			646	346			2,906	748
Income (loss) from continuing operations			6,503	(1,801)			24,445	9,304
Income (loss) from discontinued operations			0	0			0	0
Net income (loss)			$ 6,503	$ (1,801)			$ 24,445	$ 9,304

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 151,753	$ 138,972
Income taxes paid (refunded)	1,258	(2,003)
Capitalized interest	42,879	26,970
Supplemental schedule of non-cash investing and financing activities:
Increase in ROU asset in exchange for new lease liability related to operating leases	1,160	954
Accrued construction costs	116,931	160,937
Net noncash impact from the consolidation of property previously held in an unconsolidated joint venture	993	0
Retained investment in connection with South San Francisco JVs transaction	$ 0	$ 293,265

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash Flow Information Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures			$ 66,264	$ 75,103
Development, redevelopment, and other major improvements of real estate			582,494	616,803
Depreciation and amortization of real estate, in-place lease, and other intangibles	$ 184,559	$ 173,190	561,357	531,412
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing costs, tenant improvements, and recurring capital expenditures			0	21
Development, redevelopment, and other major improvements of real estate			0	18
Depreciation and amortization of real estate, in-place lease, and other intangibles			$ 0	$ 0

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Continuing operations
Cash and cash equivalents	$ 63,478	$ 72,032	$ 112,452	$ 158,287
Restricted cash	50,449	54,802	54,500	53,454
Cash, cash equivalents, and restricted cash	113,927	126,834	166,952	211,741
Discontinued operations
Cash and cash equivalents	0	0	2,172	7,707
Restricted cash	0	0	0	0
Cash, cash equivalents, and restricted cash	0	0	2,172	7,707
Cash and cash equivalents, total	63,478	72,032	114,624	165,994
Restricted cash, total	50,449	54,802	54,500	53,454
Cash, cash equivalents and restricted cash, total	$ 113,927	$ 126,834	$ 169,124	$ 219,448

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	9 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2023 joint_venture hospital	Dec. 31, 2022 USD ($) joint_venture
Lab | Needham Land Parcel JV
Variable Interest Entity [Line Items]
Investment ownership percentage	38%	38%
Payments to acquire equity method investment | $	$ 13
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures (in joint ventures)		2	2
Number of VIE borrowers with marketable debt securities (in joint ventures)			1
Unconsolidated Variable Interest Entities | Commercial Mortgage-Backed Securities
Variable Interest Entity [Line Items]
Number of hospitals | hospital		3
Debt securities | $			$ 22
Ventures V
Variable Interest Entity [Line Items]
VIE ownership percentage		51%
Lab JV
Variable Interest Entity [Line Items]
VIE ownership percentage		98%
MSREI JV
Variable Interest Entity [Line Items]
VIE ownership percentage		51%
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member		7

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
LLC Investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 14,985
Needham Land Parcel JV
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 15,733

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Buildings and improvements	$ 13,097,282	$ 12,784,078
Development costs and construction in progress	863,341	760,355
Land and improvements	2,657,602	2,667,188
Accumulated depreciation and amortization	(3,498,077)	(3,188,138)
Net real estate	13,120,148	13,023,483
Accounts receivable, net	59,085	53,436
Cash and cash equivalents	63,478	72,032	$ 112,452	$ 158,287
Intangible assets, net	339,191	418,061
Right-of-use asset	233,480	237,318
Other assets, net	757,164	780,722
Total assets	15,602,534	15,771,229
Liabilities
Mortgage debt	342,349	346,599
Intangible liabilities, net	133,668	156,193
Lease liability	204,762	208,515
Accounts payable, accrued liabilities, and other liabilities	687,650	772,485
Deferred revenue	879,174	844,076
Total liabilities	8,569,706	8,482,952
Consolidated Lessees VIE
ASSETS
Buildings and improvements	2,381,624	2,356,905
Development costs and construction in progress	43,123	58,499
Land and improvements	310,343	324,714
Accumulated depreciation and amortization	(647,415)	(623,244)
Net real estate	2,087,675	2,116,874
Accounts receivable, net	5,669	6,893
Cash and cash equivalents	21,405	20,586
Restricted cash	550	354
Intangible assets, net	61,084	73,860
Assets held for sale, net	0	30,355
Right-of-use asset	98,012	99,376
Other assets, net	78,560	73,690
Total assets	2,352,955	2,421,988
Liabilities
Mortgage debt	144,804	144,604
Intangible liabilities, net	12,673	15,066
Liabilities related to assets held for sale, net	0	401
Lease liability	99,551	99,039
Accounts payable, accrued liabilities, and other liabilities	60,693	68,979
Deferred revenue	48,417	39,661
Total liabilities	366,138	367,750
Consolidated Lessees VIE | Discontinued Operations
ASSETS
Buildings and improvements	0	39,934
Land and improvements	0	1,926
Accumulated depreciation and amortization	0	(15,612)
Net real estate	0	26,248
Intangible assets, net	0	215
Other assets, net	0	3,892
Total assets	0	30,355
Liabilities
Deferred revenue	0	401
Total liabilities	$ 0	$ 401

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Summary of financial instruments
Bank line of credit and commercial paper	$ 424,000	$ 995,606
Senior unsecured notes	5,401,461	4,659,451
Mortgage debt	342,349	346,599
Carrying Value
Summary of financial instruments
Loans receivable, net	225,881	374,832
Marketable debt securities	0	21,702
Bank line of credit and commercial paper	424,000	995,606
Term loans	496,603	495,957
Senior unsecured notes	5,401,461	4,659,451
Mortgage debt	342,349	346,599
Carrying Value | Interest rate swap instruments
Summary of financial instruments
Interest rate swap instruments	38,680	30,259
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	4,882,158	4,238,124
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	226,379	369,425
Marketable debt securities	0	21,702
Bank line of credit and commercial paper	424,000	995,606
Term loans	496,603	495,957
Mortgage debt	317,221	330,867
Fair Value | Level 2 | Interest rate swap instruments
Summary of financial instruments
Interest rate swap instruments	$ 38,680	$ 30,259

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Feb. 28, 2023 derivative_held	Aug. 31, 2022 USD ($) derivative_held	Apr. 30, 2022 derivative_held	Apr. 30, 2021 USD ($) derivative_held
Derivative [Line Items]
Asset at fair value, changes in fair value resulting from changes in assumptions | $		$ 19,000,000
Interest rate cap instruments | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held							2
Derivative amount terminated | $							$ 142,000,000
Increase in the fair value of the interest rate cap agreements | $	$ 0		$ 2,000,000
Interest rate swap instruments | Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held				2
Interest rate swap instruments | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held					2
Notional amount | $					$ 500,000,000
Interest rate swap instruments | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of interest-rate contracts held | derivative_held						2

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Aug. 31, 2022
Interest rate swap instruments
Derivative [Line Items]
Notional Amount			$ 500,000
Interest Rate Swap, 4.99% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 51,100
Pay Rate	4.99%
Receive Rate	2.50%
Fair Value	$ 2,706	$ 2,300
Interest Rate Swap, 4.54% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 91,000
Pay Rate	4.54%
Receive Rate	2.05%
Fair Value	$ 4,819	4,096
Interest Rate Swap, 2.60% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250,000
Pay Rate	2.60%
Fair Value	$ 14,651	11,299
Interest Rate Swap, 2.54% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount	$ 250,000
Pay Rate	2.54%
Fair Value	$ 16,504	12,564
Interest Rate Swap, 5.08% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 51,000
Pay Rate		5.08%
Receive Rate		2.50%
Interest Rate Swap, 4.63% Pay Rate | Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 91,000
Pay Rate		4.63%
Receive Rate		2.05%

Accounts Payable, Accrued Lia_3

Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Refundable entrance fees	$ 254,986	$ 268,972
Accrued construction costs	116,931	178,626
Accrued interest	46,256	59,291
Other accounts payable and accrued liabilities	269,477	265,596
Accounts payable, accrued liabilities, and other liabilities	687,650	772,485
Severance-related charges	$ 9,000	$ 15,000

Deferred Revenue - Schedule of

Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues [Abstract]
Nonrefundable entrance fees	$ 553,114		$ 553,114		$ 518,573
Other deferred revenue	326,060		326,060		325,503
Deferred revenue	879,174		879,174		$ 844,076
Proceeds from nonrefundable entrance fees	36,000	$ 24,000	96,000	$ 74,000
Amortization of nonrefundable entrance fee	21,000	20,000	61,000	58,000
Amortization of other deferred charges	$ 19,000	$ 12,000	$ 50,000	$ 32,000

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 29, 2023 shares
Subsequent Event
Subsequent Event [Line Items]
Conversion of units to common stock (in shares)	0.674